Stock markets halt 6-day rally; Sensex, Nifty dive nearly 1 pc as HDFC Bank, Reliance drag
Mumbai, Aug 22 (PTI): Equity benchmark indices Sensex and Nifty fell sharply by nearly 1 per cent on Friday, snapping their six-day winning streak, as investors turned cautious ahead of US Fed Chair Jerome Powell's Jackson Hole address amid growing global trade uncertainties triggered by Trump tariffs.
Intense selling in market heavyweights HDFC Bank and Reliance Industries also dampened risk appetite, traders said.
The 30-share BSE Sensex tumbled 693.86 points or 0.85 per cent to settle at 81,306.85. During the day, it plunged 708.94 points or 0.86 per cent to 81,291.77.
As many as 2,316 stocks declined while 1,765 advanced and 159 remained unchanged on the BSE.
The 50-share NSE Nifty dropped 213.65 points or 0.85 per cent to 24,870.10.
On the weekly front, the BSE benchmark jumped 709.19 points or 0.87 per cent, and the Nifty climbed 238.8 points or 0.96 per cent.
"Markets snapped a six-session winning streak and ended lower, losing nearly a per cent as sentiment turned weak from the outset and deteriorated further in the latter half.
"The weakness was primarily driven by caution ahead of US Fed Chair Jerome Powell’s Jackson Hole address and renewed concerns around global trade and geopolitical tensions, which dampened risk appetite. Domestic profit-booking after the recent rally and a pause in fresh FPI inflows further weighed on sentiment," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
From the Sensex pack, Asian Paints, UltraTech Cement, Tata Steel, ITC, HCL Tech, Kotak Mahindra Bank, Adani Ports, Tata Consultancy Services, HDFC Bank and Tech Mahindra were among the major laggards.
However, Mahindra & Mahindra, Maruti, Bharat Electronics and Sun Pharma were among the gainers.
The BSE smallcap gauge declined 0.35 per cent, and the midcap index dipped 0.23 per cent.
Among BSE sectoral indices, metal tanked 1.27 per cent, commodities (1.08 per cent), bankex (1.06 per cent), financial services (0.84 per cent), oil & gas (0.80 per cent), BSE Focused IT (0.77 per cent) and IT (0.77 per cent).
BSE Healthcare, telecommunication and capital goods were the gainers.
"Market sentiment turned cautious as profit-booking set in after a strong six-day rally driven by GST reform optimism and an S&P rating upgrade. Investors also awaited Powell’s comments, which could influence September's Fed policy direction. Adding to the pressure were concerns over the August 27 deadline for additional US tariffs on Indian goods," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
In the six-day rally to Thursday, the BSE benchmark has climbed 1,765 points or 2.14 per cent, and the Nifty rallied 596 points or 2.4 per cent.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory.
Markets in Europe were trading in the green in mid-session deals.
The US markets ended lower on Thursday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,246.51 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude dipped 0.24 per cent to USD 67.52 a barrel.
On Thursday, the Sensex climbed 142.87 points or 0.17 per cent to settle at 82,000.71. The Nifty rose by 33.20 points or 0.13 per cent to 25,083.75.
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Oppn, X users flag concerns over US envoy Sergio Gor’s visit to Army’s western command
New Delhi: A visit by the US Ambassador to India, Sergio Gor, to Chandigarh on Monday has triggered sharp criticism from opposition leaders and social media users, raising questions about national security and foreign policy.
On X, Ambassador Gor announced his visit, writing, “Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army.”
Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army
— Ambassador Sergio Gor (@USAmbIndia) February 16, 2026
Soon after, opposition voices questioned the broader implications of the visit. Congress Kerala, in a post, commented, “Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings. Didn't they say then ‘Modi ne kiya ho to kuch soch samajh kar kiya hoga?’ Compared to that, this is very small.”
Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings.
— Congress Kerala (@INCKerala) February 16, 2026
Didn't they say then "Modi ne kiya ho to kuch soch samajh kar kiya hoga?"
Compared to that, this is very small. pic.twitter.com/gNNuAGQBPC
Shiv Sena (UBT) leader Priyanka Chaturvedi also weighed in, writing, “Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that.”
She further added, “India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to know from their own government. US Ambassador is doing the job for his nation, who is doing for us? The answer is blowing in the wind.”
Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that. India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to… pic.twitter.com/rYMq5NhJHA
— Priyanka Chaturvedi🇮🇳 (@priyankac19) February 16, 2026
The visit comes against the backdrop of the growing US-India defence partnership.
Writer and political analyst @rajuparulekar commented on ‘X’, “East India Company is back!”
“Is it allowed for an ambassador to visit any army unit in india?” asked another user.
Several X users expressed concerns over the appropriateness of the visit.
One asked, “Is it allowed for an ambassador to visit any army unit in India?” Another wrote, “Why an ambassador visiting our army places? To talk to Chandigarh lobby for F-35?”
Why an ambassador visiting our army places ? To talk to chandigarh lobby for f-35 ??
— Rohan Sagar (@RohanSagar03) February 16, 2026
“We have completely sold Indian sovereignty. Rothschild the evil Bankers will now control NSE. Modi sold Bharat Mata to Trump . And now American imperialist is visiting our army command . Scary,” wrote another user.
“The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?,” opined another.
The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?
— Aditya Pratap Singh (@Adi_IIMCIAN) February 16, 2026
On Sunday, Gor welcomed Admiral Samuel Paparo, Commander of the United States Indo-Pacific Command (INDOPACOM), highlighting efforts to expand the growing US-India defence partnership.
In a post on X, Gor wrote, “Delighted to have @INDOPACOM Commander Admiral Samuel Paparo in India to expand the U.S.-India defense partnership. Now is the time to strengthen vital cooperation between our two nations.”
On Monday, Admiral Samuel J. Paparo Jr visited the headquarters of India’s Western Army Command along with the American envoy Sergio Gor. The delegation was briefed on the formation’s capabilities, its past operations, and future plans.
The American delegation also visited Bengaluru, where they met three start-ups, two in the space sector and one in defence, and participated in an Indo-US conference.
