FX.co ★ India Stocks Slip but Poised for 2nd Weekly Gain

On Friday morning, the BSE Sensex declined by 399 points, or 0.5%, settling at 85,233, thereby ending a two-day upward streak. This decline mirrored a similar downturn on Wall Street, prompted by ambiguous US job data that did not clarify the potentiality of interest rate reductions in the forthcoming month. Alongside, investors opted to realize gains as the broader index closed in on its record high in the previous session. Investor sentiment was further dampened by new economic indicators, as PMI data revealed the nation's private sector expanded at its slowest rate in six months. Despite this, optimism surrounding future US–India trade agreements offered a glimmer of support. Nearly all industry sectors reported losses, with the metals sector experiencing the most significant decline of 1.6%; Tata Steel and JSW Steel each dropped by 1.4%. Additionally, the financial services and banking sectors fell by 0.9% and 0.8%, respectively. Early trading also saw declines for ICICI Bank (-1.2%) and Bajaj Finserv (-1.1%). Nevertheless, the index remains positioned for a 0.8% increase over the week, marking its second successive weekly gain.