Stock market news, Aug. 24 -- India's stock indices declined on Friday as investors adopted a cautious stance ahead of U.S. Federal Reserve Chair Jerome Powell's address at the annual Jackson Hole symposium; however, prospects of tax reforms aided the indexes in achieving weekly gains.

The Nifty 50 closed 0.85% lower at 24,870.10 points for the day, and the BSE Sensex dropped 0.85% to 81,306.85.

Over the week, both indices increased by 1%, driven by advances in the automobile and consumer sectors due to optimistic expectations of a demand surge from amendments to the goods and services tax (GST) and S&P's recent upgrade of India's sovereign rating.

Experts suggest that the upcoming week may witness increased positivity for Indian stock...