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Stock Market: On the last trading day of the week, the Indian stock market showed strength and the market closed on the green mark. However, there has been a decline in the market on a weekly basis. Talking about Friday’s business, the BSE Sens*x was up by 59 points. Globally, volatility prevailed in the last moments of trading amid a strong trend in most of the markets.
Global investors await the head of the US central bank Federal Reserve, Jerome Powell, to address the annual Jackson Hole symposium. It is likely that he will clear things up regarding the policy stand in his address. The 30-share BSE Sens*x closed at 58,833.87, up 59.15 points, or 0.10 per cent. During trading, it had climbed up to 546.93 points at one time. The Nifty of the National Stock Exchange also closed at 17,558.90, up 36.45 points, or 0.21 percent.
NTPC was the top gainer of 2.80 per cent in Sens*x stocks. Besides, Titan, Power Grid, Kotak Mahindra Bank, Larsen & Toubro, Tech Mahindra, Tata Steel and Mahindra & Mahindra were the major gainers. On the other hand, IndusInd Bank, HDFC, Asian Paints, Bharti Airtel, Dr Reddy’s and Reliance Industries were the major losers. Of these, there was a decline of up to 1.92 percent. Out of 30 Sens*x stocks, 21 ended in gains.
Vinod Nair, Head of Research, Geojit Financial Services “The remarks from the head of the Federal Reserve showed a lack of confidence among investors and they took a cautious approach and sold. Investors are waiting for a stance on the policy front from the Federal Reserve to bring inflation under control. IT stocks came in gains after continued selling pressure. On a weekly basis, the Sens*x fell 812.28 points, or 1.36 per cent, while the Nifty lost 199.55 points, or 1.12 per cent.
Sunil Damania, Chief Investment Officer, Markets Mojo “After five consecutive weeks of positive, the benchmark indices ended in losses this week. The framework for increasing the policy rate is likely to be clear in the address of the US Federal Reserve. In view of this, there was some profit-booking in the market.
In other Asian markets, South Korea’s Kospi, Japan’s Nikkei and Hong Kong’s Hang Seng ended with gains, while Shanghai Composite Index in China was in losses. Major markets in Europe were in a downtrend in early trade. The US stock market Wall Street was in profit on Thursday.
Brent crude, the international oil standard, jumped 1.14 percent to $100.5 a barrel. The rupee strengthened by six paise to close at 79.86 (provisional) against the US dollar. Foreign institutional investors bought shares worth Rs 369.06 crore on Thursday, according to stock market data.
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