Stock markets marginally up in volatile trade ahead of U.S. Fed chief speech

The 30-share BSE index rose 147.89 points to close at 81,053.19, registering gains for the third day in a row. 
| Photo Credit: Reuters

Benchmark Sensex and Nifty edged up in volatile trade on Friday (August 23, 2024) following buying in blue-chip stocks such as ICICI Bank and Bharti Airtel amid mixed global trends ahead of the U.S. Fed chair’s speech at the Jackson Hole Symposium.

Rising for the fourth straight session, the 30-share Bombay Stock Exchange (BSE) Sensex ended 33.02 points, or 0.04% higher at 81,086.21.

In early trade, the benchmark declined 169.93 points, or 0.20%, to a low of 80,883.26. Later, it bounced back 178.3 points, or 0.21%, to hit a high of 81,231.49, but gave up gains towards the end.

The National Stock Exchange (NSE) Nifty edged up 11.65 points, or 0.05%, to close at 24,823.15, registering gains for the seventh session in a row.

From the Sensex pack, Tata Motors, Sun Pharmaceutical, Bharti Airtel, Bajaj Finserv, ICICI Bank, Mahindra & Mahindra and JSW Steel were the gainers.

Tech Mahindra, HCL Technologies, Asian Paints, Titan, Infosys, the State Bank of India, Tata Consultancy Services and HDFC Bank were the laggards.

“Ahead of FED Chair Powell’s speech, the Indian indices oscillated around the flat trajectory and mixed global market sentiments further catalysed this scenario,” Vinod Nair, Head of Research at Geojit Financial Services said.

“Investors are exercising caution and awaiting Mr. Powell’s signals for more insights on the interest rate path,” Mr. Nair added.

European markets were trading with significant gains in the mid-session deals, while Asian markets were mixed. The US stock markets closed lower in overnight trade on Thursday (August 22, 2024).

Foreign Institutional Investors (FIIs) bought equities worth ₹1,371.79 crore on Thursday (August 22, 2024), according to exchange data. Domestic institutional investors (DIIs) again bought equities worth ₹2,971.80 crore on Thursday.

Global oil benchmark Brent crude rose 1.01% to $78 a barrel. On Thursday (August 22, 2024), 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.