Benchmark Indices End Marginally Higher Ahead Of Powell's Speech

Indian benchmark indices ended marginally higher in choppy trade on Friday as investors await Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium later in the day to take stock of the macroeconomic outlook and the pace of rate hikes in the coming months.

"With markets having been largely in risk-on mode since the third week of June, the chances are low that Powell will deliver a dovish surprise with the risk rather of the opposite outcome," said Christopher Wood, global head of equities at Jefferies.

At close, the Sensex was up 59.15 points or 0.10 per cent at 58,833.87, and the Nifty was up 36.40 points or 0.21 per cent at 17,558.90.

The gains were led by capital goods, power, metal and PSU Bank stocks.

“Even as domestic benchmarks underperformed most of its Asian peers, the positive momentum, albeit modest gains, continued in yet another volatile session. Cautious optimism prevailed as investors looked forward to the outcome of the Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium later today,” said Amol Athawale, Deputy Vice President - Technical Research.

On the Nifty, Grasim Industries was the star of the day, gaining 3.10 per cent from its previous closing. Other top gainers of the day included NTPC (2.83 per cent), JSW Steel (2.82 per cent), Titan (2.69 per cent) and Adani Ports and SEZ (2.66 per cent).

Eicher Motors was the top loser of the day on Nifty, shedding 3.63 per cent. Other losers on the index included IndusInd Bank (1.85 per cent), Bharti Airtel (1.37 per cent), Asian Paints (1.16 per cent) and HDFC (0.95 per cent).

New Delhi Television Ltd (NDTV.NS) ended nearly 5 per cent higher for a third consecutive day, as Adani Group contested claims by the news network that regulatory curbs restricted its founders from selling their stake.

"For bulls, 17,725 would be the immediate resistance level and above which the index could move up to 17,850 -18, 000. On the flip side, 17,500 would be the crucial support zone and on a fresh round of selling, the index could trade below 17500. Below the same, the index could retest the level of 17350 and on further down side the index could retreat to 17200," said Athawale.