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Live: Nifty likely to consolidate further this week? Jio Financial lists today| Titan, M&M in focus

Indian equity market clocked a fourth consecutive week of losses with benchmark indices losing six-tenth of a percent for week ended August 18. The benchmark Nifty50 index is now 3.4% off from the record highs of July 20. Disappointing industrial production for June, higher-than-expected spike in CPI inflation, fears of likely another rate hike by Fed given the strong retail sales data, currency depreciation against US dollar, rising US bond yields putting pressure on FII flow, and slowing China’s economy weighed on market sentiment. Experts believe the consolidation may continue largely with negative bias in the coming week too, with focus on Powell's speech, MPC minutes, FII flows and global equity markets action. On Friday Wall Street saw a mixed close with the Nasdaq ending lower for a fourth straight session notching its longest weekly losing streak since December. This morning Asian markets are trading mixed after The People’s Bank of China cut its one-year loan prime rate by a smaller-than-expected margin, while five-year rates were left unchanged as the country grapples with slowing economic activity. GIFT Nifty is hinting at another weak open for the Indian market. Jio Financial Services makes its stock market debut today. Shareholders of Reliance Industries were granted a single equity share of Jio Financial Services for every individual share they owned as of July 20. JFS, which is currently a part of the benchmark Nifty50 and Sensex, will move out from both the indices three days after its listing. According to Nuvama Alternative & Quantitative Research, the exclusion will happen on August 24. FTSE Russell, which had earlier planned to remove Jio Financial from its indices, announced on Friday that the stock will remain in all four of the indices that it is currently a part of. Lots of other stocks to watch out for today including Titan & M&M among others. Catch Nandita Khemka in conversation with Rajesh Palviya, Senior Vice President Research - Head Technical & Derivatives at Axis Securities and Ajay Srivastava, CEO, Dimensions Corporate Finance Services

first published: Aug 21, 2023 08:42 am