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sensex: Sensex, Nifty end flat ahead of Powell’s Jackson Hole speech

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sensex: Sensex, Nifty end flat ahead of Powell’s Jackson Hole speech

Domestic equity indices closed higher on Friday ahead of a crucial speech by US Fed Chair Jerome Powell due later in the day.

The 30-share Sensex advanced 59.15 points to end at 58,833.87. Its broader peer, Nifty50, ended the session comfortably above the 17,500 mark.

was the top gainer from the 30-share pack, rising nearly 2.80 per cent to Rs 163.40. rose 2.65 per cent, followed by Corp, up 1.92 per cent, and , rising 1.71 per cent, respectively.

On the other hand, tanked 1.92 per cent, fell 1.20 per cent, was down 1.18 per cent and 1.02 per cent. Dr Reddys Labs, and were also among the stocks that settled with cuts.

Sectorally, the Nifty Metal index added 1.77 per cent, while Nifty Consumer Durables added 1.29 per cent. Nifty PSU Bank and Oil & Gas also settled higher. Nifty Midcap50 and Smallcap50 advanced 0.55 per cent and 0.63 per cent, respectively.

The market breadth was skewed in favour of bulls. About 1,991 stocks rose, 1,428 fell, and 146 remained unchanged.

About 120 central bankers, economists and academicians, among others, will gather at the US Fed’s 45th annual Jackson Hole economic policy symposium in Wyoming. Anticipations of a hawkish Fed commentary have kept equity markets globally on tenterhooks so far, with the dollar index roaring past 109 and US 10-year bond yields climbing the 3 per cent mark, ahead of the first in-person conference after two years of virtual meets.

While the focus of the symposium will be on “Reassessing Constraints on the Economy and Policy” and will run from 25-27 August, Fed Chair Powell will deliver a speech on the economic outlook today at 7.:30 pm IST.

Indian investors may keenly follow any hints of a slowdown in the pace of the rate upcycle. Eyes would be on comments on the growth versus inflation debate, the hard or soft landing of the US economy and the timeline for the rate cuts.

“Investors’ lack of confidence and caution in anticipation of the Fed chair’s remarks led to a significant sell-off towards the close of the session. Western markets are trading with cuts as they await clues on further policy actions by the Fed to tame elevated inflation . This is expected to impact demand. On the sectoral front, metals and PSBs led the rally, while IT turned green after continued selling pressure,” said Vinod Nair, Head of Research at Geojit Financial Services.

Earlier in the day, Asian markets settled mixed, South Korea’s Kospi and Japan’s Nikkei 225 rose 0.15 per cent and 0.57 per cent, respectively. China’s Shanghai Composite index fell by 0.31 per cent.

Stock markets in Europe were trading lower during mid-session deals. US stock futures were trading roughly flat.

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