Indian benchmark indices opened lower on Thursday, August 29, 2024, with the S&P BSE SENSEX trading at 81,729.76, down 56 points or 0.07%, while the NSE NIFTY50 was at 25,033.45, down 19 points or 0.08%.
The downbeat sentiment was largely driven by a mixed performance in the IT sector, following disappointing earnings from Nvidia. The S&P BSE IT index was trading at 43,093.43, down 0.29%. Investors were concerned that Nvidia’s results could signal a broader slowdown in the technology sector.
However, there were a few bright spots in the market. Shares of PB Fintech, the parent company of Policybazaar, rose nearly 2% to ₹1,767.65 after reports that 80 lakh shares, or 1.75% equity, changed hands in a block deal. Such activity often attracts investor attention and can lead to a surge in the stock price.
Asian markets also followed Wall Street futures lower, with MSCI’s broadest index of Asia-Pacific shares outside Japan falling 0.6%. Japan’s Nikkei lost 0.4%, while South Korea’s benchmark index dropped 0.7%.
Investors are now eagerly awaiting U.S. weekly jobless claims data, which has gained prominence given the Federal Reserve’s focus on the health of the labor market. Inflation readings from Germany and Spain will also be closely watched, as they could provide clues on the prospects for further rate cuts beyond September.
As the market navigates these uncertainties, investors will need to remain vigilant and closely monitor developments in both domestic and global markets to make informed decisions.
