People walk past the Bombay Stock Exchange (BSE) building, in Mumbai.
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty began the trade on a positive note on Friday (August 23, 2024) but later pared gains to quote lower amid a muted trend in global markets and selling in IT stocks.

Market analysts said investors are awaiting cues from the U.S. Federal Reserve Chair Jerome Powell’s comments at Jackson Hole Symposium.

The 30-share BSE Sensex opened 37.32 points or 0.05% higher at 81,090.51 points. The NSE Nifty gained 18.25 points to 24,829.75.

Later, both the benchmark indices pared their early gains and were trading in the negative territory. The BSE benchmark quoted 117.82 points or 0.15% lower at 80,935.37 and the Nifty traded at 24,776.95, down by 34.55 points.

From the Sensex pack, Infosys, Titan, Tata Steel, UltraTech Cement, ITC, Tata Consultancy Services, Tech Mahindra and Asian Paints were the laggards.

On the contrary, Tata Motors, Reliance Industries, Sun Pharmaceuticals, Mahindra & Mahindra, Bajaj Finserv and ICICI Bank were among the gainers.

“Globally the market’s focus on Friday will be on U.S. Federal Reserve Chair Jerome Powell’s comments at Jackson Hole on the economy and the possible rate cut trend. Powell is likely to sound dovish indicating a rate cut in September,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

In Asian markets, Tokyo, Shanghai were trading higher, while Hong Kong and Seoul were quoting in the red territory on Friday.

The U.S. markets were closed lower on Thursday (August 22, 2024).

Foreign Institutional Investors (FIIs) bought equities worth ₹1,371.79 crore on Thursday, according to exchange data.

Meanwhile, Domestic Institutional Investors (DIIs) again bought equities worth ₹2,971.80 crore on Thursday.

Global oil benchmark Brent crude rose 0.06% to $77.27 a barrel.

On Thursday, the 30-share BSE index rose 147.89 points to close at 81,053.19, registering gains for the third day in a row.

Extending gains to a sixth session in a row, the NSE Nifty went up by 41.30 points to end at a two-week high of 24,811.50.

A screen displays stock numbers outside the Bombay Stock Exchange (BSE) building, in Mumbai.
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty surged in early trade on Friday (August 16, 2024) following a sharp rally in global markets along with buying in IT stocks and Reliance Industries.

The 30-share BSE Sensex jumped 805.96 points to 79,911.84 in early trade. The NSE Nifty surged 252.05 points to 24,395.80.

All the 30 Sensex firms were trading higher in early trade. Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys and IndusInd Bank were the biggest gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading significantly higher.

The U.S. markets ended with sharp gains on Thursday (August 15, 2024).

“Globally stock markets have turned around smartly from the August 5th sell-off triggered by U.S. recession fears and the unwinding of the yen carry trade. Latest data on U.S. inflation and unemployment relief do not indicate an economy tipping into recession. On the other hand, the 2.9% annual inflation number and slightly softening labour markets set the stage for a Fed rate cut in September, which the market is pencilling in now,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,595.27 crore on Wednesday, while Domestic Institutional Investors (DIIs) were buyers as they bought equities worth ₹2,236.21 crore, according to exchange data.

Global oil benchmark Brent crude dipped 0.25% to $80.84 a barrel.

“Traders are likely to adopt a risk-on approach, driven by strong cues from Wall Street, the expectation of a rate cut by the Federal Reserve in September, and robust US retail sales figures, which have eased recession concerns,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

The Indian stock markets were closed on Thursday (August 15, 2024) on account of Independence Day.

The BSE benchmark climbed 149.85 points or 0.19% to settle at 79,105.88 on Wednesday (August 14, 2024). The NSE Nifty ended marginally up by 4.75 points or 0.02% at 24,143.75.

A screen displays stock numbers outside the Bombay Stock Exchange (BSE) building in Mumbai.
| Photo Credit: PTI

Equity market benchmark indices Sensex and Nifty tumbled in early trade on August 5 in line with extremely weak trends in global markets amid fears of a slowdown in the U.S .economy and foreign fund outflows.

The 30-share BSE Sensex tanked 2,401.49 points to 78,580.46 in early trade. The NSE Nifty tumbled 489.65 points to 24,228.05.

From the Sensex pack, Tata Motors, Tata Steel, JSW Steel, Adani Ports, Maruti and Reliance Industries were the biggest laggards.

Sun Pharma and Hindustan Unilever were trading in the positive territory.

In Asian markets, Seoul, Tokyo and Hong Kong were trading sharply lower while Shanghai quoted higher.

The U.S. markets ended significantly lower on August 2.

“The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the U.S. economy. This expectation is now under threat with the fall in U.S. job creation in July and the sharp rise in the U.S. unemployment rate to 4.3%. Geopolitical tensions in the Middle East also are a contributing factor,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,310 crore on August 2, according to exchange data.

“Anxiety remains high, especially after August 2nd’s unexpectedly weak U.S. July jobs report, suggesting that volatility will be the hallmark of the day,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Global oil benchmark Brent crude climbed 0.35% to $77.08 a barrel.

Amid widespread selling pressure, the BSE benchmark plunged 885.60 points or 1.08% to close at 80,981.95 on August 2. The broader Nifty of NSE dropped 293.20 points or 1.17% to end at 24,717.70.

Majority of the Sensex stocks were in the positive territory, with Jio Financial Services gaining 4.98% while Maruti Suzuki and Axis Bank rising more than 1%. File
| Photo Credit: REUTERS

Equity benchmark indices Sensex and Nifty witnessed volatility in early trade on Thursday (August 31) and gained marginally as investors await firmer global cues and GDP numbers.

Economic reports from the U.S. indicate a slowdown in growth which could mean that the U.S. Federal Reserve might not go for aggressive rate hikes. The U.S. GDP rose 2.1% in the second quarter of this year, lower than estimated earlier, according to analysts.

On Thursday, the 30-share Sensex rose 49.13 points or 0.08% to 65,136.38 points while the broader Nifty inched up 4.25 points or 0.02% to 19,351.70 points.

The indices started off on a positive note, then declined and recouped the lost ground to trade in the green.

Majority of the Sensex stocks were in the positive territory, with Jio Financial Services gaining 4.98% while Maruti Suzuki and Axis Bank rising more than 1%.

In the Nifty pack, as many as 29 shares were trading in the green.

Asian markets were witnessing mixed trends, with Japan gaining marginally while Hong Kong and China slipped.

On Wednesday, most of the European markets closed lower while the U.S. market ended in the positive territory.

In a pre-market note, Vikas Jain, Senior Research Analyst at Reliance Securities, said the market will focus on August series F&O expiry and domestic Q1 GDP data to be release post market, among other data.

Brent crude futures were marginally down at $85.74 per barrel.

On Wednesday, Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth ₹494.68 crore.