Key benchmark indices registered small losses on last trading day of the week in a volatile trading session. The barometer index, the S&P BSE Sensex lost 53.66 points or 0.19% to settle at 27,782.25. The Nifty 50 index lost 19.65 points or 0.23% to settle at 8,572.55.
The market breadth indicating the overall health of the market was negative. The BSE Mid-Cap index rose 0.17%, outperforming the Sensex. The BSE Small-Cap index fell 0.12%. The decline in this index was lower than the Sensex's decline in percentage terms.
Among the sectoral indices on BSE, the S&P BSE IT index (down 1.25%), the S&P BSE Capital Goods index (down 1.24%) and the S&P BSE Realty index (down 1.15%) underperformed the Sensex. The S&P BSE Consumer Durables index (up 1.46%), the S&P BSE Energy index (up 0.78%) and the S&P BSE Oil & Gas index (up 0.7%) outperformed the Sensex.
In the foreign exchange market, the rupee was trading almost unchanged against the dollar. The partially convertible rupee was hovering at 67.045, compared with closing of 67.0575 during the previous trading session.
The yield on 10-year benchmark federal paper, 7.59% GS 2026, was flat at 7.12% at 15:32 IST, same as at close in the previous trading session. The total trading volume on the central bank's gilts trading platform stood at Rs 34850 crore. The weighted average rate in the overnight call money market eased to 6.38% at 15:32 IST, compared with 6.42% in the previous session.
In overseas stock markets, European stocks drifted lower while Asian stocks witnessed a mixed trend ahead of Federal Reserve Chairwoman Janet Yellen's speech today, 26 August 2016, which could provide hints about the timing of the next rate hike from the Fed. US stocks registered small losses yesterday, 25 August 2016, with healthcare stocks extending previous trading session's decline.
Globally, investors are awaiting Yellen's speech today, 26 August 2016, which could provide hints about the timing of the next rate hike from the Fed. High US interest rates would pull money out of emerging markets and redirect it to the US. Yellen is due to speak at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
In global commodities markets, Brent crude oil futures edged lower. Brent for October settlement was off 38 cents at $49.29 a barrel. The contract had gained 62 cents or 1.26% to settle at $49.67 a barrel during previous trading session.
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