MUMBAI– Indian equity markets snapped a six-session winning streak Friday, closing lower as investors turned cautious ahead of U.S. Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium.
The benchmark Sensex fell 693.86 points, or 0.85 percent, to 81,306.85 after opening weak at 81,951.48 against the previous close of 82,000.71. The index touched an intraday low of 81,291.77 as selling pressure intensified across sectors. The Nifty 50 also slipped 213.65 points, or 0.85 percent, to end at 24,870.10.
“The Indian equity market closed in the red, ending a six-session winning streak and erasing gains accumulated over the past three days,” said Vinod Nair, Head of Research at Geojit Financial Services. “Investor sentiment turned cautious ahead of Powell’s speech, which is expected to give critical insights into the global liquidity outlook and future interest rate trajectory.”
Nair added that U.S. trade tariffs on India, imposed as part of Washington’s stance against Russia, have also raised near-term concerns among institutional investors.
Among the biggest losers on the Sensex were Asian Paints, Ultratech Cement, Tata Steel, ITC, HCL Tech, Kotak Bank, TCS, HDFC Bank, Tech Mahindra, SBI, and ICICI Bank. Mahindra & Mahindra, Maruti Suzuki, and Bharat Electronics also ended in the red.
Sectoral indices broadly declined, with Nifty Financial Services down 0.96 percent, Nifty Bank sliding 1.09 percent, Nifty FMCG off 1 percent, and Nifty IT losing 0.79 percent. The broader market also showed weakness, with Nifty Smallcap 100 down 0.26 percent, Nifty Midcap 100 easing 0.14 percent, and Nifty 100 falling 0.82 percent.
The rupee ended weaker at 87.50 against the U.S. dollar, down 0.25, after an initial boost from GST reduction news faded amid continued foreign institutional investor (FII) selling.
“Market focus now shifts to Powell’s speech at Jackson Hole, which is expected to guide the dollar index and thereby influence rupee direction,” said Jateen Trivedi, Vice President of LKP Securities. He added that crude price movements and overall global risk sentiment would also shape near-term trends, noting technical support for the rupee at 87.75 and resistance at 87.15. (Source: IANS)
