Stock Market Highlights: The equity markets succumbed to all-round selling pressure on Friday after minutes of the RBI August meeting revealed that RBI Governor Das expects headline CPI inflation to harden significantly in July-August. Further, investors preferred to stay on the sidelines ahead of the US Federal chief Jerome Powell’s speech at the Jackson Hole Symposium later tonight.
The S&P BSE Sensex dropped to a low of 64,733, and ended the day with a loss of 366 points at 64,887. In the process, BSE benchmark has now extended its weekly losing run to 5-weeks, down 2.7 per cent or 1,797 points during the period.
The NSE Nifty 50 hit a low of 19,230, and settled 121 points lower at 19,266. The Nifty has shed 2.4 per cent or 479 points in the last five weeks.
Larsen & Toubro, IndusInd Bank and JSW Steel down around 2 per cent each were the major losers in the Sensex 30 on Friday. HDFC Bank with a loss of a per cent was a major drag, accounting for over 100 points loss on the Sensex alone.
ITC, Power Grid, Mahindra & Mahindra, UltraTech Cement, HCL Technologies, NTPC, Sun Pharma and SBI were the other prominent losers.
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