Sensex today | Stock Market Live Updates: Markets set for cautious start; MSCI rejig, HDFC Bank in focus

GIFT Nifty futures were at 24,222.5 points, as of 8:11 a.m. IST, indicating a muted start for the Nifty 50 . The ‌benchmark index closed at 24,175.65 on Friday and posted its third straight weekly decline.

MSCI’s quarterly index ‌changes will be implemented at Monday’s close and take ‌effect ⁠on September 1. As part of its August ⁠review, the index provider added four Indian stocks to its widely tracked Global Standard index and removed three.

This would be the first MSCI rebalancing under India’s ‌new closing auction system, which has led to sharp swings in benchmark indexes, especially on monthly derivatives expiry days.

“With these (passive fund) flows executed around the closing auction, the final ‌half-hour could see outsized moves in affected stocks and the broader index, potentially making the closing print less representative of underlying market sentiment,” said Hariselvan ⁠Radhakrishnan, founder and CEO of HST Wealth.

Meanwhile, global sentiment soured after U.S. forces struck two Iranian launchers, marking the first ‌known American strikes on Iran since late July.

Brent crude futures jumped about 2.5% to $90 per barrel, while Asian markets were down 0.7%.

Among stocks, the focus will be on HDFC Bank. India’s largest private lender said on Saturday that its Chief Executive Sashidhar Jagdishan will not seek reappointment ‌when his term ends in October.

The bank is likely to name Deputy Managing Director Kaizad Bharucha as one of two options for its next CEO, Reuters reported citing ⁠two people familiar with the matter. (Reuters)

Top losers: Hindalco (-2.63%), Infosys (-2.22%), Adani Enterprises (-2.12%), Tata Steel (-2.01%)

Gold prices fell nearly 3% on Friday, marking their sharpest decline in weeks, as a stronger U.S. dollar and rising Treasury yields weighed on bullion after Fed chair Warsh’s first Jackson Hole speech was interpreted as hawkish by markets. Governor Warsh reiterated that underlying inflation has not “meaningfully improved” and stressed that restoring price stability remains the Fed’s primary objective, leading traders to significantly increase expectations of a September rate hike.

According to CME FedWatch, the probability of a 25 bps hike in September jumped to around 57% from nearly 35% a day earlier. The repricing pushed U.S. Treasury yields higher, with 10Y yield climbing toward 4.7%, while the dollar posted its strongest weekly gain in several weeks.

Higher yields and a stronger dollar typically pressure bullion. Despite the sharp correction, gold’s broader support from the “debasement trade” remains intact, with investors continuing to monitor concerns over U.S. fiscal deficits, rising government debt and Treasury market intervention. Geopolitical tensions also remain elevated after reports of Iranian attacks on U.S. forces in Jordan raised fears of further escalation in the Middle East.