Indian Markets End Flat Ahead of Jackson Hole Conference; Autos Gain, Realty and IT Drag

Indian indices closed flat with a slight positive bias on August 23, as investors maintained a cautious stance ahead of Fed Chair Powell’s anticipated comments at the Jackson Hole conference. His remarks are expected to provide insights into the timing, size, and pace of potential interest-rate cuts in the U.S.

• Sensex: Up 33.02 points or 0.04%, closing at 81,086.21.
• Nifty: Up 11.65 points or 0.05%, ending at 24,823.15.

Weekly Performance: Positive Gains for BSE Sensex and Nifty50

For the week, the BSE Sensex rose by 0.8%, while the Nifty50 gained 1%, reflecting a steady performance despite global uncertainties.

Sectoral Highlights: Auto Sector Shines, IT and Realty Lag

• Top Gainers: Bajaj Auto, Coal India, Tata Motors, Sun Pharma, and Bharti Airtel led the gains in the Nifty index.
• Top Losers: Wipro, ONGC, Divis Labs, LTIMindtree, and Infosys were among the notable decliners.
• Auto Index: Up 1%, driven by strong performances from key players like Bajaj Auto and Tata Motors.
• Lagging Sectors: The metal, realty, media, PSU Bank, and IT sectors saw declines ranging from 0.5% to 2.5%.

Market Breadth: Over 320 Stocks Hit 52-Week Highs

The market breadth remained strong, with more than 320 stocks reaching their 52-week highs on the BSE. Notable names include HUL, Sun Pharma, TVS Motor, and Aurobindo Pharma, among others.

Midcap and Smallcap Performance

• BSE Midcap Index: Down 0.6%, indicating some pressure on midcap stocks.
• Smallcap Index: Ended flat, reflecting a mixed performance across the board.

Global Market Context: Eyes on the Jackson Hole Conference

As global markets remain on edge, all eyes are on the Jackson Hole conference for clues on future U.S. monetary policy, which will likely influence market movements in the coming days.