The Indian stock market opened with a decline in the last trading session of the week on Friday (August 22) amidst a mixed trend of global markets. Selling in shares of ICICI Bank, HDFC Bank and Reliance Industries (RIL) pulled the market down. At the same time, investors are awaiting the statement of Jerome Powell, president of the US Federal Reserve at the central bank’s annual economic meeting in Jackson Hole on Friday. The 30 -share BSE Sensex opened with a decline at 81,951. As soon as it opened, selling was seen in the index. It closed at 81,773.47 at 9:24 am at 81,773.47 at 9:24 am or 0.28 percent. Similarly, the Nifty 50 of the National Stock Exchange also opened at 25,064.15 points. At 9:27 am it was trading at 24,996, declining 87.90 points or 0.35 percent.
Nifty and Sensex climbed 2.4% and 2.2% respectively in 6 trading sessions
The Nifty and Sensex rose 0.1% and 0.2% respectively on Thursday due to improvement in Goods and Services Tax (GST) reform schemes and S&P. It remains in an edge in the sixth consecutive session. Nifty and Sensex have climbed 2.4% and 2.2% respectively in the last six trading sessions. Domestic institutional investors (DII) also bought Indian shares worth Rs 2,546 crore on Thursday. He shopped in the 33rd consecutive season. Meanwhile, foreign portfolio investors (FII) bought Indian shares worth Rs 1,247 crore.
What are the indications from global markets?
Asian markets were trading in green mark. Investors are exploring signs about the upcoming policies of the US Federal Reserve. The KOSPI index of South Korea rose 1.06%. Japan’s Nikkei 225 index rose 0.13%. Hong Kong’s Hang Seng index rose 0.33%. However, Australia’s ASX 200 index remained 0.11% below.
The US markets declined on Thursday before Powell’s speech. S&P 500 was 0.4 percent, Nasdac Composite 0.34 percent and Dow Jones Industrial Average was 0.34 percent. Investors feared a probable soft trend by the Fed Chairman. Investors will now be eager to know from Powell’s speech whether the US central bank will cut interest rates by 25 basis points in September. Low interest rates in the US make emerging markets, especially India attractive to foreign investors.
IPO news
In the main IPO section, the allocation of shares for IPOs of Patel Retail, Vikram Solar, Gem Aromatics and Shreeji Shipping will be finalized on 22 August. The IPO of Mars Electrical Industries will be closed for public issue.