On Friday, the stock market got off to a slow start as early trading saw indices decline.
The Sensex index opened 217.79 points lower at 65,034.55, while the Nifty index was down by 78.70 points at 19,331.25.
Among the Nifty companies, 14 showed advances, while 37 recorded declines at the market opening.
Notable gainers in the Nifty included Bajaj Finance, Bajaj Finserv, ONGC, Asian Paints, and BPCL. Conversely, Jio Financial Services, Dr. Reddy, Cipla, IndusInd Bank, and Hindalco were among the top losers.
Market analysts attributed this early morning decline to global events, particularly the anticipation surrounding the Jackson Hole meeting in the United States. Investors worldwide are eagerly awaiting Federal Reserve Chair Jerome Powell’s speech scheduled for today.
All eyes will be on the Jackson Hole meeting today, said Profit Idea’s founder and managing director Varun Aggarwal in response to the market situation. As markets got ready for Powell’s speech on Friday, stocks dropped. It’s anticipated that the market will remain quiet and cautious. The global market will serve as a guide for Nifty. As the Dow closed at its lowest point of the day in yesterday’s session, the Nifty opened in the deep red. Aggarwal mentioned that “OI support remains at 19200-19000 levels” in order to shed light on potential support and investment opportunities. At 18887, Nifty’s bull market has strong support. In this correction, certain IT, Pharma, financial, and banking stocks can be purchased.