Overview
- Thursday's late-session selling pushed the Sensex down about 539 points to 76,933.59 and the Nifty to 24,090.85 as expiry-driven orders concentrated losses in the closing auction.
- HDFC Bank was a top drag after reports of a US class-action suit hurt the stock and amplified pressure on heavyweight financial names during the monthly derivatives expiry.
- Oil-price moves driven by stalled diplomacy over the Strait of Hormuz made Brent volatile and kept inflation expectations and market risk appetite unsettled.
- Friday early trade saw a technical rebound led by blue-chip IT stocks such as TCS, Tech Mahindra and Infosys that benefited from Nvidia's strong results and firmer global tech flows.
- Market breadth and foreign flows stayed mixed so sentiment remains fragile and investors are watching Fed Chair Kevin Warsh's Jackson Hole remarks for cues on interest rates, capital flows and direction for emerging markets.