Weekend Market Wrap: In a continuation of downward momentum, the Indian stock market experienced a widespread sell-off on Friday. This resulted in the benchmark indices, namely Sensex and Nifty, undergoing declines for the second consecutive session. Investors turned their focus towards the Jackson Hole symposium in hopes of gleaning insights into the prospective direction of interest rates.
At the closing bell, Sensex fell 366 points, translating to a 0.56 percent decline, settling at 64,886.51. Simultaneously, the Nifty50 wrapped up the day at 19,265.80, marking a low of 121 points or 0.62 percent.
The day witnessed losses across mid and smallcap indices as well. The BSE Midcap index recorded a downturn of 0.85 percent, while the Smallcap index dipped by 0.24 percent.
The cumulative market capitalization of companies listed on the BSE contracted from approximately Rs. 308.7 lakh crore in the prior session to nearly Rs. 306.7 lakh crore. This staggering decrease of almost Rs. 2 lakh crore within a single day left investors facing substantial losses.
For the week, Sensex experienced a marginal decline of 0.10 percent, and Nifty followed suit with a 0.23 percent dip. Conversely, the BSE Midcap index demonstrated resilience by rising 1.50 percent, and the Smallcap index displayed notable growth, surging by 2.19 percent over the week.
According to media reports, the US dollar remained firm, hovering close to an 11-week peak. Concurrently, US Treasury yields stabilized beneath their 14-year highs, as anticipation built ahead of speeches by Jerome Powell, the Chair of the US Federal Reserve, and Christine Lagarde, President of the European Central Bank, at the Jackson Hole symposium.
Jerome Powell's speech, scheduled for 1405 GMT, and Christine Lagarde's subsequent appearance at 1900 GMT are eagerly awaited by investors. Clarity is sought on the potential for additional rate hikes and the duration of the Federal Reserve's intention to maintain elevated interest rates.
Market Closes Nearly Unchanged in Muted Trading Session
Market Wrap: Nifty 50's Dip Amidst Volatility After Months of Growth
