Indian benchmark indices rose for the second straight week. Investors appeared to be in a wait-and-watch mode as they waited for US Federal Reserve Chair Jerome Powell’s speech on Friday. The Sensex at the Bombay Stock Exchange gained 0.8 percent this week to end at 81,086 on Friday.
The Nifty at the National Stock Exchange rose 1.15 percent to close at 24,823. Market participants were closely watching the Fed Chairman’s speech worldwide for potential signals about the future path of interest rates in the US. The mixed sentiments in global markets further contributed to the cautious trading atmosphere in Indian stocks. After the close of Indian markets, speaking in his most closely watched speech of the year, Jerome Powell clearly signalled for the interest rate cut in the near future. He said that the time has come for policy to adjust.