Overview

• India’s benchmarks fell nearly 0.9% on Friday, with the Sensex closing at 81,306.85 and the Nifty at 24,870.10, snapping a six-session advance.
• Traders stayed cautious ahead of Fed Chair Jerome Powell’s Jackson Hole remarks, while tariff headlines from Washington weighed on risk appetite.
• Reports cited the risk that about $48.2 billion of Indian exports could face a 50% US levy from August 27 if proposals proceed, after comments from US trade advisers dampened hopes of relief.
• Losses were led by heavyweights such as Asian Paints, HCL Tech, ITC, HDFC Bank and Tech Mahindra, while Mahindra & Mahindra, Maruti, Sun Pharma and Bharat Electronics posted gains; Bankex and FMCG indices fell about 1%.
• Earlier gains this week were tied to hopes of GST rationalisation after a GoM backed a shift to dual rates of 5% and 18% pending Council approval, even as foreign investors extended net selling through August.