Sensex Today:Indian benchmark indices Sensex and Nifty were trading in the red as global cues, such as the US Federal Reserve Jerome Powell’s speech at the ongoing Jackson Hole Economic Symposium, weighed on investors’ sentiment, making them cautious.
The BSE Sensex was at 81,038, down 0.02 per cent, while the broader Nifty 50 was flat at 24,812.
Market is witnessing significant sectoral churning. The PSU stocks rally which gave excellent returns in recent months is losing steam. For PSU banking stocks, the turnaround story which took the PSU banks from losses of Rs 87000 crores in FY 2018 to profits of Rs 1.41 lakh crores in FY 2024 is over. But the valuation of this segment is still attractive, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global Cues
All the three major US stock indexes lost ground on Thursday, weighed down by technology shares, as Treasury yields rose on easing recession fears in the US, ahead of the Fed chair’s speech.
The Dow Jones Industrial Average fell 177.71 points, or 0.43 per cent, to 40,712.78, while the S&P 500 lost 50.21 points, or 0.89 per cent, at 5,570.64 and the Nasdaq Composite dropped 299.63 points, or 1.67 per cent, to 17,619.35, overnight.
Benchmark indices in the Asian markets were mostly down, as investors everywhere trained their eyes on the gathering of central bank officials from around the world to look for cues about an interest rate easing cycle as inflation moderates gradually.
Japan’s Nikkei 225 was trading at 38,150, down 0.15 per cent, while Australia’s ASX 200 was down nearly 0.4 per cent, and Hong Kong’s HSI was quoting 0.34 per cent lower.
