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​India: Jackson Hole symposium back in focus

On Friday, August 26, Indian equities headed south for the second session in a row. Notably, all eyes are now on the Fed’s annual symposium in Jackson Hole, which is the week’s highlight. Investors will be closely watching Fed Chair Janet Yellen’s speech on Friday, August 26, which could drop a hint at the regulator’s further monetary policy.

By the final bell, the Nifty 50 slipped 0.23% to 8,572.55, while the BSE Sensex 30 Index tumbled 0.19% to 27,782.25.

Among the day’s top advancers, Bharti Infratel gained 2.21%, Tata Motors added 2%, and Asian Paints ended 1.57% higher.

On the downside, Wipro gave up 2.78%, HCL Tech. lost 2.42%, and Bank of Baroda pulled back 2.25%.

Notably, Wipro shares reached a 52-week low.

Also on the minus side, Yes Bank shares posted the biggest daily percentage drop over the past four weeks.

Shares of Indian lenders State Bank of India and ICICI Bank ended about 1% lower.

In the currency market, the USD/INR pair edged up 0.07% to 67.058, while EUR/INR ticked up 0.09% to 75.6950.

Meanwhile, the volatility gauge India Vix, which tracks Nifty 50 options, climbed 2.15% to 13.5700.

From a technical standpoint, the daily chart shows that the BSE Sensex 30 has reached the lower bound of a rising wedge and a breakout is likely in the short term.