Stock Market Highlights 23 August 2024: Sensex, Nifty edge up amid mixed global cues; investors eye Powell’s Jackson Hole speech

Sensex, Nifty, Share Prices Updates: Benchmark Sensex and Nifty edged up in volatile trade on Friday following buying in blue-chip stocks such as ICICI Bank and Bharti Airtel amid mixed global trends ahead of the US Fed chair’s speech at Jackson Hole Symposium.

Rising for the fourth straight session, the 30-share BSE Sensex ended 33.02 points or 0.04 per cent higher at 81,086.21.

In early trade, the benchmark declined 169.93 points or 0.20 per cent to a low of 80,883.26. Later, it bounced back 178.3 points or 0.21 per cent to hit a high of 81,231.49, but gave up gains towards the end.

The NSE Nifty edged up 11.65 points or 0.05 per cent to close at 24,823.15, registering gains for the seventh session in a row.

From the Sensex pack, Tata Motors, Sun Pharmaceutical, Bharti Airtel, Bajaj Finserv, ICICI Bank, Mahindra & Mahindra and JSW Steel were the gainers. Tech Mahindra, HCL Technologies, Asian Paints, Titan, Infosys, State Bank of India, Tata Consultancy Services and HDFC Bank were the laggards.

As investors await the US Federal Chief’s speech at the Jackson Hole symposium later today, experts had anticipated a subdued session on Dalal Street. Analysts like Nandish Shah from HDFC Securities highlighted that the recent US Fed minutes indicated a possible case for rate cuts, although the central bank opted to keep rates steady. On the technical front, Dhupesh Dhameja of SAMCO Securities pointed to cautious sentiment in derivatives trading, with increased Call writing at key resistance levels. Despite a slight drop in India VIX, analysts suggest a “Buy on Dips” strategy as the market focuses on Powell’s address.