Stock markets fall in early trade tracking weak global equities
Equity benchmark indices fell in early trade on Friday amid a weak trend in global markets
Mumbai: Equity benchmark indices fell in early trade on Friday amid a weak trend in global markets. The BSE Sensex fell 452.68 points to 64,799.66. The NSE Nifty declined 125.95 points to 19,260.75.
From the Sensex pack, Jio Financial Services Ltd fell 4.98 per cent to touch the lower circuit limit of Rs 205.15, falling for the fifth day running. IndusInd Bank, Larsen & Toubro, Bharti Airtel, Axis Bank, UltraTech Cement and ITC were among the other laggards. Bajaj Finserv, Tata Motors, Asian Paints and Maruti were among the gainers.
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In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the negative territory. The US markets ended lower on Thursday.
“The message from Fed chief Jerome Powell tonight will be keenly watched for any clues on the future trajectory of interest rates in the US,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Global oil benchmark Brent crude climbed 0.20 per cent to USD 83.53 a barrel.
Foreign Institutional Investors (FIIs) were buyers on Thursday as they bought equities worth Rs 1,524.87 crore, according to exchange data.
“Traders will continue to maintain caution and may trim their equity exposure in case the global mood worsens ahead of Federal Reserve Chairman Jerome Powell’s speech at the annual Fed Jackson Hole symposium later today.
“Traders would gauge from the Fed’s speech whether inflation continues to remain a challenge and more rate hikes could be in the offing going ahead,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The BSE benchmark had pared early gains to settle 180.96 points or 0.28 per cent lower at 65,252.34 on Thursday. The Nifty declined 57.30 points or 0.29 per cent to settle at 19,386.70.
