Sensex at 80,193 and Nifty at 24,537 as Investors Eye RIL AGM and GDP Data

Market Update at 12:15 PM: Indian stocks remained cautious on Friday as investor sentiment was impacted by concerns over US tariffs. At 12:00 PM, the BSE Sensex was trading at 80,193.95, up by 113.38 points or 0.14 per cent, while the Nifty50 stood at 24,537.05, higher by 36.15 points or 0.15 per cent.

A major event for the day is the 48th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL), India’s largest company by market capitalisation. Investors will closely watch the company’s roadmap to double Jio and retail business verticals in the next three to four years. Analysts also expect clarity on the New Energy (NE) business, which aims to replicate earnings from the oil-to-chemicals (O2C) segment. The AGM comes at a time when the O2C business faces scrutiny for sourcing Russian oil despite sanctions.

On the macroeconomic front, markets will also track the release of India’s Q1FY26 GDP data along with the fiscal deficit figures for April-July. These numbers will be crucial for assessing near-term market direction, especially for Large-Cap and Mid-Cap stocks.

Among Sensex constituents, Trent, BEL, Ultratech Cement, ITC, and L&T emerged as the Top Gainers, rising up to 2.4 per cent. On the other hand, M&M, Eternal, Infosys, NTPC, and Titan Company were the leading laggards of the session.

Broader markets showed resilience as the Nifty MidCap index gained 0.21 per cent and the Nifty SmallCap index rose 0.35 per cent. Sectorally, barring Nifty Auto, Realty, IT, and Oil & Gas, all other indices were in positive territory. Gains were led by Nifty Private Bank and FMCG, sectors often linked with steady dividend pay-outs and consistent Quarterly Results.

Market Update at 10:00 AM: India’s equity benchmarks opened on a muted note on Friday, extending weakness after two consecutive sessions of declines. The sentiment remained subdued following the imposition of steep U.S. tariffs on Indian goods earlier this week.

The Nifty 50 fell 0.14 per cent to 24,466.7 points, while the BSE Sensex eased 0.09 per cent to 80,010.83 as of 9:15 a.m. IST. Both indices had dropped about 2 per cent each in the previous two sessions, weighed down by concerns over the potential impact of higher duties.

Market breadth was weak with twelve of the sixteen major sectors trading in negative territory at the open. The Small-Cap and mid-cap indices were flat, showing limited participation compared to large-cap stocks.

The trigger came after U.S. President Donald Trump imposed an additional 25 per cent tariff on Indian goods, citing New Delhi’s purchase of Russian oil. This move came on top of the earlier 25 per cent duty, raising fears of pressure on export-oriented companies across sectors.

Pre-Market Update at 7:45 AM: Indian equity benchmarks, Sensex and Nifty 50, are expected to open higher on Friday, August 29, following positive global cues. As of 7:27 AM, the GIFT Nifty was trading near 24,669, up 168 points from the previous close. Asian markets traded mostly lower, while the US markets ended at record highs, with the S&P 500 and Dow Jones scaling fresh closing records.

On Thursday, August 28, Foreign Institutional Investors (FIIs) remained net sellers, pulling out Rs 3,856.51 crore. This marked the fourth consecutive session of selling. In contrast, Domestic Institutional Investors (DIIs) continued their buying streak for the third straight session, purchasing equities worth Rs 6,920.34 crore.

The Indian equity indices extended their decline for the second day, pressured by concerns over fresh US tariffs on Indian exports. The Nifty 50 closed 0.85 per cent lower at 24,500.9, while the BSE Sensex slipped 0.87 per cent to settle at 80,080.57. Over the past two sessions, both benchmarks have collectively fallen nearly 2 per cent.

India’s Index of Industrial Production (IIP) rose 3.5 per cent in July, the highest in four months, mainly supported by the manufacturing sector. In comparison, IIP grew 5 per cent in July 2023. For the April–July period of FY25, IIP rose 2.3 per cent, slower than the 5.4 per cent recorded in the same period last year. In June, the growth was only 1.5 per cent.

US markets closed higher on Thursday despite Nvidia’s quarterly results missing lofty expectations. The S&P 500 advanced 0.32 per cent to finish at 6,501.86, while the Nasdaq gained 0.53 per cent to close at 21,705.16. The Dow Jones Industrial Average rose 0.16 per cent, ending at 45,636.90.

The US economy expanded faster than estimated in Q2, with GDP growing at 3.3 per cent annually, compared to the earlier estimate of 3.0 per cent. In Q1, the economy contracted 0.5 per cent, its first quarterly decline in three years. Jobless claims dropped by 5,000 to 229,000 for the week ending August 23, indicating continued strength in the labour market.

On monetary policy, Federal Reserve Governor Christopher Waller hinted at the possibility of a 25-basis-point rate cut in the September 16–17 FOMC meeting, with further gradual cuts likely to follow.

The US dollar index stood at 97.917, on track for a monthly decline of nearly 2 per cent, as expectations of Fed rate cuts increased. Gold prices held steady near a one-month high at USD 3,413.80 per ounce, marking a 3.6 per cent rise in August. Crude oil prices were lower, with Brent crude at USD 68.12 a barrel and WTI futures at USD 64.15 a barrel, both on track for monthly declines.

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Disclaimer: The article is for informational purposes only and not investment advice.