SENSEX falls 600 points, NIFTY50 hovers around 24,920 level; top factors why bears are dominant today

After rallying for six days, many heavyweight stocks, such as Asian Paints, Adani Enterprises, Reliance Industries, ICICI Bank and HDFC Bank, slipped in trade on Friday amid profit booking The Indian stock market looked set to snap a six-day gaining streak on Friday, August 22, amid weak global cues. At 12:24 PM, the S\&P BSE SENSEX was trading 532.98 points, or 0.65%, lower at the 81,467.73 level, while NSE’s NIFTY50 was trading at the 24,921.10 level, down 162.65 points, or 0.65%. Here is why the market is falling today Asian peers cautious Asian stocks traded in a narrow range as investors awaited a speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium. Investors were cautious, as they are looking for cues about US monetary policy from a meeting of central bankers in Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell is due to speak on Friday. Also read: SENSEX, NIFTY on track to snap six-day winning streak; R Systems, Zee Entertainment, PTC India among buzzing stocks Meanwhile, Japanese shares were lower after consumer inflation data for July showed price growth remaining well above the Bank of Japan’s annual target. Last seen, Japan’s Nikkei was trading marginally down 0.03% at the 42,597 level, while Hong Kong’s Hang Seng gained 0.37% at 25,197. South Korea’s Kospi index was trading at the 3,168.68 level, rising 0.87%, and the Shanghai Composite also surged 1.08% to 3,811.76. US market On Wall Street, indices settled with losses on Thursday amid caution among market participants. US traders will also closely monitor Powell’s speech for any clues on US interest rate cuts in September following recent job market weakness. The Federal Reserve has been hesitant to cut interest rates this year out of fear that President Donald Trump's tariffs could push inflation higher, but a surprisingly weak report on job growth earlier this month suddenly made the job market a bigger worry. The Dow Jones Industrial Average slipped 152.81 points, or 0.34%, to end at 44,785.50; the S\&P 500 fell 25.61 points, or 0.40%, to close at 6,370.17; and the Nasdaq Composite declined 72.54 points, or 0.34%, to settle at 21,100.31. Heavyweights drag After rallying for six days, many heavyweight stocks, such as Asian Paints, Adani Enterprises, Reliance Industries, ICICI Bank and HDFC Bank, slipped in trade on Friday amid profit booking. In the afternoon session, Grasim Industries was the biggest loser, falling 2.08%. Other prominent losers were Asian Paints (-1.78%), UltraTech Cement (-1.5%), HCL Technologies (-1.43%) and Adani Enterprises (-1.41%). Ahead of its annual general meeting (AGM) next week, shares of Reliance Industries were also trading lower. Also read: Izmo shares hit upper circuit, jump 20% as firm's division Izmomicro develops next-gen semiconductor tech 50% tariff deadline nears Earlier in August, US President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock. The new import tax, effective 21 days after August 7, will raise duties on some Indian exports to as high as 50% – among the highest levied on any US trading partner. This is another reason why investors were on tenterhooks on Friday