Mumbai Market Update: Equity Indices Pare Early Gains Amid Mixed Global Cues
Mumbai’s equity benchmark indices, the Sensex and Nifty, commenced trading on a positive note this Friday but subsequently retraced their early gains, driven by a muted global market trend and declines in IT stocks.
At the start of the session, the 30-share BSE Sensex opened at 81,090.51 points, marking an increase of 37.32 points or 0.05 percent. Similarly, the NSE Nifty gained 18.25 points, reaching 24,829.75. However, both indices soon shifted to negative territory, reflecting broader market sentiment and sector-specific weaknesses.
By mid-day, the BSE Sensex was trading 117.82 points or 0.15 percent lower at 80,935.37, while the Nifty had dropped by 34.55 points to 24,776.95. Key laggards from the Sensex pack included Infosys, Titan, Tata Steel, UltraTech Cement, ITC, Tata Consultancy Services, Tech Mahindra, and Asian Paints. Conversely, Tata Motors, Reliance Industries, Sun Pharmaceuticals, Mahindra & Mahindra, Bajaj Finserv, and ICICI Bank emerged as gainers.
Market observers are closely monitoring comments from US Federal Reserve Chair Jerome Powell, who is expected to address the Jackson Hole Symposium later today. Analysts anticipate Powell may adopt a dovish tone, suggesting a potential rate cut in September, which could influence global market trends.
In the broader Asian markets, Tokyo and Shanghai were trading higher, while Hong Kong and Seoul were in the red. US markets experienced declines on Thursday, contributing to the cautious sentiment.
Foreign Institutional Investors (FIIs) continued their buying streak, purchasing equities worth Rs 1,371.79 crore on Thursday. Domestic Institutional Investors (DIIs) also increased their equity investments, with purchases amounting to Rs 2,971.80 crore on the same day.
Global oil prices showed a modest rise, with Brent crude increasing by 0.06 percent to USD 77.27 per barrel.
On Thursday, the Sensex had closed 147.89 points higher at 81,053.19, marking its third consecutive day of gains. The NSE Nifty extended its winning streak to six sessions, climbing 41.30 points to end at a two-week high of 24,811.50.
