The Prime Daily: 06 August 2026

Authored By Prime Research | Published at: Aug 6, 2026 09:06 AM IST

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Global Markets Pause for Breath after Fresh Records

Wall Street opened at a record high Wednesday but closed mixed, snapping a four-day rally as investors paused after a strong start to August, with sentiment supported by solid earnings, rotation into non-tech sectors, and hopes for U.S.-Iran diplomatic progress.

The Dow rose 0.5% to a fifth straight gain and a fresh record close, while the S&P 500 slipped 0.2% and the Nasdaq fell 0.8% on a late-day tech selloff.

Nvidia gained over 3% after SpaceX said it would exclusively use Nvidia processors for AI computing infrastructure, while SpaceX shares fell roughly 13.6% in its first earnings report since going public on capex concerns, and AMD dropped nearly 7% after Musk’s SpaceX comments overshadowed record quarterly revenue of $11.54 billion, up 50% year-over-year.

ADP data showed U.S. private payrolls added just 44,000 jobs in July, well below the 69,000 expected and down sharply from June’s 95,000, sharpening focus on Friday’s official nonfarm payrolls report.

Brent crude eased near $80 a barrel on hopes of reopening the Strait of Hormuz. Gold rallied to around $4,300, a six-week high, before easing slightly on Middle East risk and sticky inflation.

In Europe, the STOXX 600 rose 0.4%, Germany’s DAX gained 0.5%, and the FTSE 100 added 0.4% on strong healthcare, industrial, and logistics earnings.

The Reserve Bank of India decided to keep its benchmark repo rate unchanged at 5.25% during its latest Monetary Policy Committee meeting. While maintaining a neutral stance due to persisting inflation risks from geopolitical friction, the central bank raised its real GDP growth projection for the fiscal year to 6.7%.

The domestic currency appreciated by 13 paise to close provisionally at 95.15 against the U.S. dollar, marking its strongest finish since early July. The gain was heavily supported by a weakness in the greenback and a substantial retreat in global Brent crude prices below the $80 per barrel threshold.

Nifty continues to trade above all key moving averages, confirming bullish momentum.

Immediate resistance is placed near 24,770, which coincides with the 200-day SMA, while support is seen at 24,377, aligned with the 200-day EMA.

A decisive breakout above 24,770 could open the door toward 25,000, while a fall below 24,377 may trigger short-term consolidation toward 24,200.

Indian markets are poised to open flat, adjusting for the closing auction session movement yesterday.

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Disclaimer

At HDFC SKY*, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please Note: The information shared is intended solely for informational purposes and does not make any investment recommendations.
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