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Indian Shares Trim Early Gains Ahead Of Powell's Speech
(RTTNews) - Indian shares ended off their day's highs on Friday, as oil prices climbed on tight supply and investors awaited a speech by the Federal Reserve chair Jerome Powell at Jackson Hole Economic Symposium later in the day that is expected to offer clarity on the pace of future rate hikes.
Powell is expected to adopt a hawkish stance on interest rates and indicate that the central bank is likely to continue with its aggressive rate hike plan to tame inflation.
The Federal Reserve's preferred gauge of inflation, the PCE price index, is also due later in the session.
The benchmark S&P/BSE Sensex moved between 58,723 and 59,321 before closing 0.10 percent higher at 58,834.
Likewise, the broader NSE Nifty index hit a high of 17,686 and low or 17,519 before ending up 0.21 percent at 17,559.
Titan Company, JSW Steel, Adani Ports, NTPC and Grasim rallied 3-4 percent while Eicher Motors tumbled 3.7 percent after the resignation of its Chief Financial Officer Kaleeswaran Arunachalam.
Asian Paints, Bharti Airtel and IndusInd Bank dropped 1-2 percent.
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