Sensex, Nifty Fall Ahead Of Powell's Jackson Hole Speech
(RTTNews) - Indian shares ended notably lower on Friday, as investors reacted to mixed comments from Fed officials and awaited Fed Chair Jerome Powell's Jackson Hole speech for further clues on the outlook for rates.
Treasury yields resumed their march and the dollar climbed ahead of Powell's speech, denting sentiment.
It is feared that Powell will continue his message that interest rates should stay higher for longer than expected to return inflation to the target.
Investors also reacted to the release of RBI's hawkish MPC meeting minutes showing that the RBI remains committed to bring down inflation to the 4 percent target.
The benchmark S&P BSE Sensex ended the session down 365.83 points, or 0.56 percent, at 64,886.51 while the broader NSE Nifty index settled 120.90 points, or 0.62 percent, lower at 19,265.80.
Among the prominent decliners, Adani Enterprises, Adani Ports, JSW Steel, Dr Reddy's Laboratories and Larsen & Toubro all fell around 2 percent.
Shoppers Stop plummeted more than 13 percent after Venugopal G Nair resigned as Managing Director & CEO of the company.
On the positive side, RIL's demerged financial services arm Jio Financial Services rallied 3.8 percent after hitting the lower circuit limit for four straight sessions post listing on Monday.
Bajaj FinServ followed with a 2.4 percent gain, while ONGC, Bajaj Finance and Asian Paints all rose around 1 percent.
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