Stock Market Live Highlights: Market Close | Nifty Below 24,900, Sensex Down 680 Points; Banks, Metals, FMCG, Realty Drag

FMCG stocks including ITC, Nestle, and others dropped up to 2%, extending losses into the second day following a strong three-day rally. The sector had gained nearly 4% between August 18 and 20, buoyed by Prime Minister Narendra Modi’s hint at upcoming GST reforms, which were expected to be announced as a Diwali gift for consumers. Investors initially reacted positively to the potential tax changes, driving FMCG shares higher. However, the recent pullback suggests some profit-taking or cautious sentiment as the market digests the news and awaits more clarity on the reforms and their impact on consumer demand. 

Sensex slipped to 81,488.32, down by 512.39 points (0.62%), while Nifty dropped 156.90 points (0.63%) to 24,926.85 as of 12:50 PM today. The market has been falling steadily since morning on this crucial last trading day before the weekend — and the reasons might shock you! After a huge 1,800-point rally, investors started profit booking. On top of that, all eyes are now on Trump’s tariffs, creating uncertainty. Add to that the nervous wait for Fed Chair Powell’s speech at Jackson Hole, weak heavyweight sectors, and escalating Russia-Ukraine tensions. The market mood is tense and uncertain!

The Nifty index is currently declining and nearing a key technical support level, the 20-day moving average at 24,912.70.

Although, Nifty rose a little after 10:30 Am, the market stays volatile and on the last day of the week, invetors don’t look very happy. 

The Indian Rupee opened at 87.37 against the US dollar on Friday, slightly weaker compared to Thursday’s close of 87.27. This marginal decline reflects cautious market sentiment ahead of key global events, including the highly anticipated speech by Federal Reserve Chair Jerome Powell.

Oil Market Update:

• Brent crude futures at $67.63, down 4 cents.
• WTI crude futures at $63.51, down 1 cent.
• Oil prices steady and on track to end a two-week losing streak.
• Ongoing Ukraine conflict reduces chances of immediate peace, increasing risk premium on oil.

Currency Market Update:

• U.S. dollar index steady at 98.61 against six major currencies.
• Dollar poised for a 0.7% rise this week, snapping a two-week losing streak.
• Investors cautious ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole.
• Market focus on Powell’s guidance for near-term interest rate direction.

Global cues suggest a cautious start for Indian markets, with GIFT Nifty down 53 points, hinting at a mildly lower opening. In the U.S., the S&P 500 closed lower for the fifth straight day, even as futures are slightly higher this morning. The U.S. 10-year Treasury yield rose 3 basis points to 4.32%, while the dollar edged up as investors await Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium later today.

In Asia, markets are mixed. Japan’s core inflation cooled to 3.1% in July from 3.3% in June, offering some relief. Meanwhile, gold prices slipped as the U.S. dollar strengthened, and crude oil prices climbed slightly.

On the trade front, the U.S. and EU finalized a deal to impose 15% tariffs on autos and pharmaceuticals. However, wine and spirits were excluded from this agreement, leaving certain European exports unaffected.

On Thursday, August 21, Indian markets extended their winning streak for the sixth straight session, though gains were capped by profit booking at higher levels. The Sensex rose 142.87 points, or 0.17%, to close at 82,000.71, while the Nifty gained 33.20 points, or 0.13%, ending the day at 25,083.75 — just below the psychological 25,100 mark.

Pharma stocks led the charge, with the sectoral index rising 1%. Realty also posted modest gains of 0.4%. However, selling pressure was seen in auto and FMCG stocks, which slipped 0.3% and 0.6%, respectively.

Top Nifty gainers included Dr. Reddy’s Laboratories, Cipla, Bajaj Finserv, ICICI Bank, and SBI Life Insurance. On the flip side, Bajaj Auto, Coal India, Power Grid, Eternal, and Tata Consumer Products dragged the index.

Meanwhile, the BSE Midcap and Smallcap indices ended largely flat, reflecting cautious investor sentiment at broader levels.