Share Market Updates: Despite initial gains influenced by positive global cues, Sensex and Nifty reversed their course and concluded the day in the red, each declining by approximately 0.3%.
While the IT sector exhibited strong performance, PSU Banks, Energy, and Consumer Durables faced declines. Jio Financial Services encountered another circuit breaker, dragging down RIL by nearly 2% during today’s trading session.
Asian markets experienced a surge on Thursday, buoyed by Nvidia’s impressive results that propelled Wall Street and a retreat in U.S. bond yields, easing concerns about global borrowing costs.
Investors are keenly watching for hints about the potential trajectory of interest rates, as officials from the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan convene in Jackson Hole, Wyoming, later this week for their annual central banking conference.
Indices concluded the day with a nearly 0.3% decrease; Sensex dropped by 180 points, while Nifty declined by 60 points due to setbacks in RIL and Jio Finance.
Indian shares initially followed the positive trend seen in other Asian markets. However, sentiment soured during the latter half of the trading session, resulting in minor losses. The early boost in market sentiment was driven by Wall Street’s overnight rally and a decrease in U.S. Treasury yields.
The Nifty 50 index closed with a 60-point drop at 19,386, and the S&P BSE Sensex lost 180 points, ending at 65,252. In contrast, mid-caps and small-caps focused on domestic markets reached new record highs.
The PSU Bank index saw a decline of over 0.5%, accompanied by losses in the Auto, Energy, and Pharma sectors. Conversely, the IT index displayed a surge of more than 0.5%. Most sector indices concluded around yesterday’s closing levels.
Jio remained a drag on the market, once again triggering the lower circuit. Other notable decliners included RIL and L&T. On the upside, Adani Enterprises, IndusInd Bank, and Infosys experienced gains of over 1% each.
In the global context, Asian markets rallied due to Nvidia’s outstanding results boosting Wall Street and a reduction in U.S. bond yields alleviating borrowing cost concerns.
Japan’s Nikkei share average extended its winning streak to four sessions, the longest since mid-June, as the record earnings of U.S. chip designer Nvidia boosted Japanese tech shares. The Nikkei closed with a 0.87% gain, marking a weekly increase of 2.66%.
In China, stocks rebounded as some investors seized the opportunity after recent declines, with broader Asian market rallies also contributing to the improved sentiment. China’s CSI 300 Index gained 0.7%, the Shanghai Composite Index edged up 0.1%, Hong Kong’s Hang Seng Index rose by 2.1%, and the Hang Seng China Enterprises Index surged by 2.5%.
European shares reached one-week highs on the back of strong performance by chipmakers that elevated the technology sector. Nvidia’s revenue forecast far exceeded expectations, and declining bond yields further enhanced risk sentiment.
The UK’s FTSE 100 also achieved a one-week high, driven by real estate and personal goods shares as investors revised their expectations regarding higher interest rates.
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