Stock indices see early decline amidst global uncertainty
Among the Nifty companies, 14 showed advances, while 37 recorded declines at the market opening.
ANI
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MUMBAI: The stock market experienced a low start on Friday as indices registered a downtick in early trading.
The Sensex index opened 217.79 points lower at 65,034.55, while the Nifty index was down by 78.70 points at 19,331.25.
Among the Nifty companies, 14 showed advances, while 37 recorded declines at the market opening.
Notable gainers in the Nifty included Bajaj Finance, Bajaj Finserv, ONGC, Asian Paints, and BPCL. Conversely, Jio Financial Services, Dr. Reddy, Cipla, IndusInd Bank, and Hindalco were among the top losers.
Market analysts attributed this early morning decline to global events, particularly the anticipation surrounding the Jackson Hole meeting in the United States. Investors worldwide are eagerly awaiting Federal Reserve Chair Jerome Powell's speech scheduled for today.
Varun Aggarwal, Founder and Managing Director of Profit Idea, commented on the market situation, stating, "All eyes will be on the Jackson Hole meeting today. Stocks fell as markets prepared for Powell's Friday speech. The market is expected to remain muted and cautious. Nifty will take cues from the global market. Nifty opened in the deep red as the Dow closed at the lowest point of the day in yesterday's session."
Aggarwal also provided insights into potential support and investment opportunities, mentioning, "OI support remains at 19200-19000 levels. Nifty's strong support for the bull market lies at 18887. Selected IT, Pharma, Financial & Banking stocks can be picked up in this correction."
Despite the global turbulence, there remains a prevailing positive bias in the Indian market.
Investors are closely monitoring international developments while cautiously navigating market dynamics, demonstrating resilience amidst economic uncertainties.
