Weak start in stock market; Sensex slips 100 points, Nifty flat

The week saw domestic equities trading volatile on the last trading day. Domestic equity indices opened flat on Friday as Sensex and Nifty reversed into negative territory amid a pause in the global equity rally, pending the address by Federal Reserve Chairman Jerome Powell. Now, the kind of confirmation the market is waiting for is that of US interest rate cuts starting in September. Sensex slipped up to 100 points in early trade. Nifty, too, slumped 50 points and remained in the red.

On the Sensex, Tata Motors, Reliance Industries, Sun Pharma, HUL, M&M and Power Grid increased. Infosys, Tech Mahindra, Titan, NTPC, and Tata Steel were down. Domestic equity benchmark indices opened positive on Friday but soon turned bearish due to a slow trend in global markets and the IT stock selling spree.

The 30-share BSE Sensex opened 37.32 points, or 0.05 percent higher at 81,090.51 in the last trading session of the week. The NSE Nifty rose by 18.25 points to 24,829.75. At 10:09 am, both the benchmark indices lost their early gains and were seen trading in the negative territory. At one point, the BSE benchmark was down 117.82 points, or 0.15 percent at 80,935.37 as opposed to its previous close, while the Nifty was down 34.55 points at 24,776.95.

Infosys, Titan, Tata Steel, UltraTech Cement, ITC, Tata Consultancy Services, Tech Mahindra and Asian Paints were the laggards from the Sensex pack. In contrast, Tata Motors, Reliance Industries, Sun Pharmaceuticals, Mahindra & Mahindra, Bajaj Finserv, and ICICI Bank were among the gainers.

"Globally, market focus on Friday will be on US Federal Reserve Chairman Jerome Powell's comments at Jackson Hole on the trend of the economy and possible rate cuts. Powell may take a dovish stance, hinting at a rate cut in September," said VK Vijayakumar, chief investment strategist at Geojit Financial Services. In Asian markets, Tokyo, and Shanghai rose on Friday, while Hong Kong and Seoul declined. US markets closed with losses on Thursday. Foreign institutional investors (FIIs) bought shares worth Rs 1,371.79 crore on Thursday, according to exchange data.

Meanwhile, domestic institutional investors (DIIs) again bought shares worth Rs 2,971.80 crore on Thursday. Global oil benchmark Brent crude rose 0.06 percent to $77.27 a barrel. On Thursday, the 30-share BSE index had closed 147.89 points higher at 81,053.19, registering a gain for the third consecutive day. Extending its gains for the sixth consecutive session, the NSE Nifty had closed 41.30 points higher at a two-week high of 24,811.50.