Stock markets inch up ahead of US Fed chief’s speech

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Benchmark Sensex and Nifty edged up in volatile trade on Friday following buying in blue-chip stocks such as ICICI Bank and Bharti Airtel amid mixed global trends ahead of the US Fed chair’s speech at Jackson Hole Symposium.

Rising for the fourth straight session, the 30-share BSE Sensex ended 33.02 points or 0.04 per cent higher at 81,086.21.

In early trade, the benchmark declined 169.93 points or 0.20 per cent to a low of 80,883.26. Later, it bounced back 178.3 points or 0.21 per cent to hit a high of 81,231.49, but gave up gains towards the end.

The NSE Nifty edged up 11.65 points or 0.05 per cent to close at 24,823.15, registering gains for the seventh session in a row.

From the Sensex pack, Tata Motors, Sun Pharmaceutical, Bharti Airtel, Bajaj Finserv, ICICI Bank, Mahindra & Mahindra and JSW Steel were the gainers.

Tech Mahindra, HCL Technologies, Asian Paints, Titan, Infosys, State Bank of India, Tata Consultancy Services and HDFC Bank were the laggards.

“Ahead of the Fed chair Powell’s speech, the Indian indices oscillated around the flat trajectory and mixed global market sentiments further catalysed this scenario,” said Vinod Nair, Head of Research, Geojit Financial Services.

Investors are exercising caution and awaiting Powell’s signals for more insights on the interest rate path, Nair added.

European markets were trading with significant gains in mid-session deals, while Asian markets were mixed.

The US stock markets closed lower in overnight trade on Thursday.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,371.79 crore on Thursday, according to exchange data. Domestic institutional investors (DIIs) again bought equities worth ₹2,971.80 crore on Thursday.

Global oil benchmark Brent crude rose 1.01 per cent to $78 a barrel.

On Thursday, the 30-share BSE index rose 147.89 points to close at 81,053.19, registering gains for the third day in a row. Extending gains to a sixth session in a row, the NSE Nifty went up by 41.30 points to end at a two-week high of 24,811.50.