Stock Market Stays Steady as Investors Await Jerome Powell’s Speech
The stock market closed flat on the last trading day of the week after a volatile session. Investors are eagerly awaiting Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium.
Market Performance
During the final minutes of trading, the Bombay Stock Exchange (BSE) Sensex was up by 80.12 points at 81,133.31, and the Nifty was up by 11.70 points at 24,823.20. Over the week, the Sensex gained 0.7%, while the Nifty gained 0.9%. Approximately 1,810 shares advanced, 1,603 shares declined, and 68 shares remained unchanged on Friday.
Top Gainers and Decliners
The top gainers on the National Stock Exchange (NSE) were Bajaj Auto, Coal India, Tata Motors, Sun Pharma, and Bharti Airtel. On the other hand, Wipro, Divi’s Laboratories, Nestle India, LTIMindtree, and Asian Paints were among the major decliners.
Expert Opinions
Ajit Mishra, SVP, Research, Religare Broking Ltd, said, “It was a quiet trading session for the Nifty, which remained in a narrow range and ended the day almost flat. Market sentiment was cautious, influenced by a global wait-and-see approach ahead of the US Fed Chair’s speech at Jackson Hole.”
Vinod Nair, Head of Research at Geojit Financial Services, added, “Investors are exercising caution and awaiting Powell’s signals for further insights into the interest rate trajectory.”
Sector Performance
The market showed a mixed performance sector-wise. The auto sector saw decent gains, while the real estate and IT sectors lagged. Broader indices also remained range-bound, finishing slightly lower. The India VIX surged by 4.20%, closing at 13.56, indicating increased volatility.
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. Twenty-seven other entities, including key staff of Reliance Home Finance, have also been prohibited by SEBI from accessing the capital markets. Consequently, stocks linked to Anil Ambani’s companies were down on Friday.
Doubts Revealed
Stock Market -: The stock market is a place where people buy and sell shares of companies. It’s like a big marketplace for company ownership.
BSE Sensex -: BSE Sensex is an index that shows the performance of 30 major companies listed on the Bombay Stock Exchange in India.
Nifty -: Nifty is another index that shows the performance of 50 major companies listed on the National Stock Exchange in India.
Federal Reserve -: The Federal Reserve is the central bank of the United States. It helps control the money supply and interest rates.
Jerome Powell -: Jerome Powell is the current Chair of the Federal Reserve. He makes important decisions about the U.S. economy.
Bajaj Auto -: Bajaj Auto is a big company in India that makes motorcycles and other vehicles.
Tata Motors -: Tata Motors is an Indian company that makes cars, trucks, and buses.
Wipro -: Wipro is an Indian company that provides IT services and consulting.
Nestle India -: Nestle India is a company that makes food and drinks, like Maggi noodles and Nescafe coffee.
Anil Ambani -: Anil Ambani is an Indian businessman who used to be very rich. He is the brother of Mukesh Ambani.
SEBI -: SEBI stands for Securities and Exchange Board of India. It regulates the stock market in India.
Fund Diversion -: Fund diversion means using money for a different purpose than it was originally intended for, often in a dishonest way.
