Market Close Flat Ahead of Powell’s Jackson Hole Address Tonight

Ira Singh
23 Aug’24

Sensex and Nifty saw minimal movement on Friday, mirroring a pause in the global equities rally as investors keenly await Fed Chair Jerome Powell’s address for cues on a likely U.S. rate cut in September.At close, the Sensex was up 33.02 points or 0.04 percent at 81,086.21, and the Nifty was up 11.65 points or 0.05 percent at 24,823.15.For the week, BSE Sensex rose 0.9 percent and Nifty50 rose 1 percent.

Bajaj Auto, Coal India, Tata Motors, Sun Pharma and Bharti Airtel were the top gainers on the Nifty, while losers included Wipro, ONGC, Divis Labs, LTIMindtree and Infosys.BSE Midcap index was down 0.6 percent, while smallcap index ended flat.

On the sectoral front,auto index was up 1 percent, while metal, realty, media, PSU Bank and IT down 0.5-2.5 percent.

Market This Week
● Market ends higher for the second straight week,
● Frontline indices rise 1 percent each, Nifty midcap outperforms,
● All sectoral indices, ex-Nifty Realty end with gains, Nifty Metal up more than 3 percent.

Rupee Close:
On 23rd Aug’24,the Indian The rupee traded in a narrow range and settled higher by 4 paise at 83.89 against the American currency on Friday, as traders remained cautious ahead of Fed Chair Jerome Powell’s address for cues on a likely U.S. rate cut in September.Forex traders reportedly stated the weak U.S. dollar, foreign fund inflows and a positive tone in the domestic markets supported the rupee. However, overnight gains in crude oil prices capped sharp gains.

Trading Guide:
Ahead of the FED chair Powell’s speech, the Indian indices oscillated around the flat trajectory and mixed global market sentiments further catalysed this scenario. Meanwhile, investors are exercising caution and awaiting Powell’s signals for more insights on the interest rate path. Most of the sectoral indices remained in red; in contrast, the auto sector excelled as the industry is preparing for festive season demand with multiple launches,Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying.

Market experts have recommended five shares to buy today-Aarti Pharmalabs, Balu Forge, RCF, NLC India, and NCC