Indian shares' longest rally in 2024 tempered by caution ahead of Powell's speech
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By Bharath Rajeswaran
BENGALURU, Aug 23 (Reuters) -Indian shares rose for a seventh straight session on Friday, their longest rally this year, although the magnitude of the gains eased as caution set in ahead of Federal Reserve Chair Jerome Powell's speech, expected to give cues on U.S. rate cuts.
The NSE Nifty 50 index .NSEI was up 0.05% at 24,823.15. The S&P BSE Sensex .BSESN added 0.04% to 81,086.21. They have gained about 3% in the past seven sessions on rising bets of a U.S. rate cut and on sustained domestic inflows.
However, about half of those gains came on day two as U.S. recession fears eased. Since then, the daily gains have eased, while the Nifty's trading range has narrowed to under 100 points in the last two sessions.
While the market's outlook remains positive, "caution prevailed on the session as investors contemplated if the Fed is behind the curve or ahead in terms of rate easing," said Aishvarya Dadheech, chief investment officer at Mumbai-based Fident Asset Management.
Asian markets were flat, while European markets inched higher, ahead of Powell's speech, due after India market hours. MKTS/GLOB
Although a U.S. rate cut is all but certain in September, the odds of a 50-basis-point cut have been easing, according to the CME's FedWatch tool.
If Powell takes a dovish tone, it will redirect foreign inflows to India and could spark a rally to record highs, said Dadheech.
On the day, the U.S. rate-sensitive IT index .NIFTYIT fell 1%. They also gained the least over the week.
TVS Motors TVSM.NS and Bajaj Auto BAJAJ.NS rose 2.24% and 4.97%, respectively, boosting auto's .NIFTYAUTO by 1.12%, after J.P.Morgan called them its top two picks in the sector.
On the flip side, Reliance Group companies -- Reliance Infrastructure RLIN.NS, Reliance Home Finance RLIC.NS and Reliance Power RPOL.NS -- lost 5%-10% after Chairman Anil Ambani and 24 others were banned from the securities markets for five years due to diversion of funds.
India's Nifty 50 posts longest daily winning streak in 2024 https://reut.rs/3T4HvMb
Weekly performance of India's Nifty 50 stocks https://reut.rs/3SZAXys
Weekly performance of India's key stock indexes https://reut.rs/3yNsebO
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza
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