Metal, FMCG and Realty Stocks Fall Ahead of Powell’s Jackson Hole Speech

Indian markets and indices such as Sensex and Nifty turned negative and are trading in the red today. As of 2:00 PM, Sensex is down by 0.59%, or 486.58 points and is trading at 81,514.13. On the other hand, Nifty is down by 0.60%, or 151.75 points and is trading at 24,932.00.

Along with broader indices, sectoral indices are also falling. One of the key reasons for the downtrend is the upcoming US Fed Chair Jerome Powell’s comments at the Jackson Hole symposium. The speech is expected to have a major effect on global monetary policies.

Metal, FMCG and Realty Drag (as of 2:00 PM)

• Nifty Metal is down by 0.96%
• Nifty FMCG is down by 0.83%
• Nifty Realty is down by 0.33%

Powell’s Speech in Focus

Indian investors are trading cautiously because of the Jackson Hole Event, which is held annually between 21-23 August. Federal Reserve Chair Powell’s speech is much anticipated to see if there will be a 25 basis point interest rate cut in September.

Metal Index Highlights

JSW Steel (-1.76%), Jindal Steel & Power (-1.14%), Tata Steel (-1.14%), and SAIL (-1.03%) are down. Hindustan Zinc fell 1.03%, while Adani Enterprises fell 1.90%. Lloyds Metals & Energy slipped 2.07%. Only Jindal Stainless (+0.77%) and Hindalco (+0.06%) are up.

FMCG Index Highlights

ITC (-1.73%), HUL (-1.02%), Britannia (-1.12%), and Nestle India (-1.19%) are down. Colgate-Palmolive fell 1.67%, while Marico, United Breweries, and Emami also declined. Godrej Consumer Products (+1.07%) and Dabur (+0.41%) are up.

Realty Index Highlights

Raymond fell 1.78%. DLF, Oberoi Realty, Anant Raj, Sobha, and Lodha registered losses between 0.5% and 1.3%. Phoenix Mills (+0.47%), Prestige Estates (+0.28%), and Godrej Properties (+0.15%) are up.

REF:

https://www.nseindia.com/market-data/live-equity-market?symbol=NIFTY FMCG

https://www.nseindia.com/market-data/live-equity-market?symbol=NIFTY METAL

https://www.nseindia.com/market-data/live-equity-market?symbol=NIFTY REALTY

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