Sensex, Nifty Struggle For Direction Ahead Of Powell's Speech; IT Stocks Underperform
(RTTNews) - Indian shares struggled for direction in early trade on Friday as investors awaited cues from U.S. Federal Reserve Jerome Powell's speech at the ongoing Jackson Hole Economic Symposium.
Markets are looking for new clues on the timing and pace of possible interest rate cuts by the Fed this year.
The BSE Sensex was down 4 points at 81,049 while the broader Nifty index was virtually unchanged at 24,811.
Bajaj Auto rose nearly 3 percent after it became the first automotive (auto) original equipment manufacturer (OEM) to receive a domestic value addition (DVA) certificate for all 15 electric models.
Apollo Hospitals Enterprise, Hero Moto Corp, Tata Motors and Coal India all rose around 1 percent.
FSN E-Commerce Ventures rallied 3.3 percent and Ambuja Cements advanced 1.6 percent after block deals.
Adani Power rose 1.3 percent after It received approval from the NCLT Hyderabad bench to acquire Lanco Amarkantak Power.
On the flip side, Wipro, LTIMindtree and Titan Company all fell over 1 percent.
Shriram Finance edged down slightly after it received regulatory approval for selling its entire stake in Shriram Housing Finance Limited to Mango Crest Investment, an affiliate of Warburg Pincus.
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