Markets held onto modest gains through Friday’s mid-session, with information technology stocks carrying the benchmarks higher even as broader sentiment remained cautious ahead of US Federal Reserve Chair Kevin Warsh’s first Jackson Hole address later in the day.
The Sensex was trading at 77,099.07, up 165.48 points or 0.22 per cent, at 12.44 pm, against a previous close of 76,933.59, having opened at 77,128.05. The Nifty 50 was at 24,106.85, up 16 points or 0.07 per cent, against a previous close of 24,090.85, after opening at 24,122.60. Both indices slipped to fresh weekly lows intraday before recovering partially, reflecting persistent selling pressure at higher levels.
Gainers and losers
Technology stocks were the clear standout, gaining nearly 3 per cent as a group on the back of Nvidia’s blowout quarterly results that sent US semiconductor and AI-linked stocks sharply higher overnight. TCS led Nifty 50 gainers, rising 3.81 per cent to ₹2,334 against a previous close of ₹2,248.40. HCL Technologies advanced 2.85 per cent to ₹1,318.60 from ₹1,282, Infosys gained 2.62 per cent to ₹1,139.90 against ₹1,110.80, Tech Mahindra rose 2.50 per cent to ₹1,624.70 from ₹1,585, and Wipro climbed 2.43 per cent to ₹180.68 against a previous close of ₹176.40.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that…”Infosys, TCS and HDFC Bank are the top three gainers in Nifty,” adding that strength in technology stocks provided some support to the benchmark even as broader market sentiment remained cautious. Shah also pointed out that the advance-decline ratio on the Nifty stood at a weak 19:31, underscoring the narrow nature of the rally.
On the losing side, metals and financials weighed on sentiment. Tata Steel fell 1.25 per cent to ₹184.46 against a previous close of ₹186.80. Shriram Finance declined 1.24 per cent to ₹1,087.40 from ₹1,101, Bajaj Finserv slipped 1.19 per cent to ₹1,987 against ₹2,011, Asian Paints fell 1.18 per cent to ₹2,600 from ₹2,631, and ICICI Bank was down 1.16 per cent to ₹1,426.20 against a previous close of ₹1,443. Among broader sectoral trends, Nifty IT was the best-performing sector while Nifty FMCG was the worst performer.
BSE market breadth was marginally positive. Of 4,305 stocks traded, 2,154 advanced and 1,906 declined, with 245 unchanged. As many as 153 stocks hit 52-week highs during the session against 78 touching 52-week lows, while 175 stocks were locked in upper circuits and 171 in lower circuits, reflecting a broadly balanced but cautious market.
IT sector outperforms
Ponmudi R, CEO of Enrich Money, observed that…”the IT sector has emerged as a key outperformer, gaining nearly 3 per cent on the back of a supportive global technology backdrop and renewed optimism around the AI theme following Nvidia’s upbeat results and outlook.”
The Indian rupee remained under pressure, trading above the ₹95.50-per-dollar mark, weighed by month-end dollar demand and broader risk caution. USD/INR faced resistance near ₹95.55–95.60, with support at ₹95.45–95.40.
COMEX Gold was down 0.53 per cent and trading with a weak undertone after facing resistance at higher levels, though the medium-term trend remained supported above key moving averages. MCX Gold was trading near ₹1,58,289, down 0.44 per cent. COMEX Silver was up 0.45 per cent at around $69.74, though it continued to face resistance near the $70–70.50 zone. MCX Silver was down 0.40 per cent near ₹2,39,694. MCX Crude Oil was trading near ₹7,960, largely flat, while US WTI crude held near $83 per barrel after recovering from recent lows.
All eyes on Warsh
The session’s most critical macro event remains Warsh’s keynote at the Jackson Hole Economic Policy Symposium, with the Fed’s preferred inflation gauge, the PCE index, having printed at 3.7 per cent. US 10-year bond yields firmed to 4.68 per cent, keeping pressure on emerging market assets. On the options front, meaningful call writing was seen at the 24,100 and 24,200 strikes, while the 24,000 put carried substantial open interest, indicating the market’s near-term battleground.
Shah identified 23,860–23,940 as crucial support for the Nifty, with resistance in the 24,180–24,200 zone. A break below 23,940 could drag the index toward 23,820–23,800, while a move above 24,200 could extend gains toward 24,350. For Sensex, support was placed at 76,600 and resistance at 77,400.
Published on August 28, 2026
