Indian Benchmark Indices Expected to Open Flat on August 23

23 Aug 2024 , 07:45 AM

Indian benchmark indices, Sensex and Nifty 50, are anticipated to open flat on August 23. Nifty futures were trading at 24,835 at 7:00 am IST, indicating a subdued start to the trading session.

On August 22, the Indian stock market extended its winning streak for the third consecutive session, driven by broad-based buying across sectors, with the exception of IT and power. Investors are now focusing on key economic indicators from the U.S., including unemployment claims, existing home sales, and PMI data, ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium. The market is particularly keen on gathering clues about the timing of potential rate cuts.

By the end of the trading session on August 22, the BSE Sensex gained 147.89 points, or 0.18%, closing at 81,053.19. Meanwhile, the Nifty 50 rose by 41.30 points, or 0.17%, ending the day at 24,811.50.

Asian markets were trading mixed on Friday as investors awaited Powell’s comments at the Jackson Hole event. The uncertainty has led to a cautious stance in the global markets.

In the U.S., all three major stock indexes ended lower on Thursday, with technology shares bearing the brunt of the decline. The drop in U.S. equities came as Treasury yields rose, alleviating fears of an impending recession, while central bank officials from around the world gathered for the Jackson Hole Economic Symposium.

The Dow Jones Industrial Average fell by 177.71 points, or 0.43%, closing at 40,712.78. The S&P 500 lost 50.21 points, or 0.89%, ending at 5,570.64, and the Nasdaq Composite dropped 299.63 points, or 1.67%, to settle at 17,619.35.

On the domestic front, foreign institutional investors (FIIs) were net buyers, purchasing equities worth ₹1,371 Crore on August 22. Domestic institutional investors (DIIs) also showed confidence in the market, buying equities worth ₹2,971 Crore on the same day.