Synopsis : Indian markets opened lower on Friday, breaking a six-day winning streak amid global caution ahead of the Fed’s Jackson Hole meet. Banks and FMCG dragged indices, while media stocks outperformed.
Mumbai: After six consecutive sessions of gains, Indian equity benchmarks turned negative on Friday, tracking weak global cues and investor caution ahead of Federal Reserve Chair Jerome Powell’s policy remarks at the Jackson Hole symposium.
The BSE Sensex dropped over 550 points, while the NSE Nifty slipped below the 24,950 mark, pulling back after optimism around GST reforms had powered recent rallies. ICICI Bank and UltraTech Cement were among the top laggards, weighing on the indices.
Sectoral Overview:
Market breadth remained weak, with 12 of 16 NSE sectors trading in the red.
Losers : Banks, FMCG, and financials led the drag.
Gainers : Healthcare, pharma, and consumer durables held firm.
Outperformers : Media stocks bucked the trend, with Zee Ltd and Saregama leading a sectoral rally despite the broader market downturn.
Global Market Snapshot:
S&P 500 futures: Flat as of 2:02 p.m. Tokyo time
Japan’s Topix: Up 0.5%
Australia’s S&P/ASX 200: Down 0.4%
Hong Kong’s Hang Seng: Up 0.2%
Shanghai Composite: Gained 0.7%
Euro Stoxx 50 futures: Little changed
With global markets trading mixed and investors bracing for US Fed signals, volatility is expected to persist in the near term.
Disclaimer : This article is for informational purposes only and does not constitute financial advice. Investors are advised to consult with certified financial professionals before making investment decisions.
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