Indian markets end winning streak ahead of Powell’s speech at Jackson Hole
CHENNAI: Indian equity benchmark indices snapped their six-day winning run on Friday ending lower, as investors booked profits in banking, FMCG and metal stocks. The caution also reflected global sentiment ahead of US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium later in the day.
The Sensex fell nearly 690 points to close around 81,517, while the Nifty slipped below 24,900, ending down about 0.6%. Selling was broad-based, with financials, IT, FMCG, metals and oil & gas stocks declining between 0.5% and 1%.
Market analysts say the correction was expected after a sustained rally, with traders unwilling to carry large positions ahead of a crucial Fed signal on interest rates. Foreign institutional selling and concerns over possible new U.S. trade measures against India also weighed on sentiment.
On the stock front, Hero MotoCorp lost about 2% after a leadership reshuffle, Mazagon Dock slipped nearly 1% following a rating downgrade, while Texmaco Rail gained over 2% after bagging a Rs 1,000 crore order.
