The Indian stock market closed the week on a steady note after a volatile trading session, as investors remained cautious ahead of Federal Reserve Chair Jerome Powell’s upcoming speech at the Jackson Hole Economic Policy Symposium.
In the final minutes before the market closed, BSE Sensex recorded a slight uptick of 80.12 points, settling at 81,133.31, while the Nifty rose by 11.70 points to end at 24,823.20. Over the course of the week, the Sensex gained 0.7%, and the Nifty saw a 0.9% increase.
During Friday’s trading hours, approximately 1,810 shares advanced, while 1,603 shares declined, with 68 shares remaining unchanged. The top gainers on the National Stock Exchange (NSE) included Bajaj Auto, Coal India, Tata Motors, Sun Pharma, and Bharti Airtel. In contrast, Wipro, Divi’s Laboratories, Nestle India, LTIMindtree, and Asian Paints were among the major decliners.
Ajit Mishra, SVP of Research at Religare Broking Ltd., said that the Nifty experienced a quiet trading session, remaining within a narrow range and ending the day nearly flat. “Market sentiment was cautious, influenced by a global wait-and-see approach ahead of the US Fed Chair’s speech at Jackson Hole,” Mishra added.
Vinod Nair, Head of Research at Geojit Financial Services, added that investors are exercising caution as they await Powell’s speech for further insights into the future of interest rates.
Sector-wise, the market displayed mixed results, with the auto sector posting gains while the real estate and IT sectors lagged. Broader indices also remained range-bound, finishing slightly lower. The India VIX, which measures market volatility, surged by 4.20%, closing at 13.56, signaling increased market fluctuations.
As global markets increasingly depend on India, the country remains under close scrutiny, which has helped maintain favorable sentiment in the face of challenges such as inflationary pressure and unemployment.
In other regulatory news, Anil Dhirubhai Ambani faces a five-year ban and a Rs25 crore fine from the Securities and Exchange Board of India (SEBI) for diverting funds from Reliance Home Finance. Additionally, twenty-seven other entities, including key staff of Reliance Home Finance, have been barred by SEBI from accessing the capital markets. Consequently, stocks linked to Anil Ambani’s companies declined on Friday.