Share Market Highlights: Sensex tanks 800 pts, Nifty ends below 17350; IT stocks drag, Reliance ends in red | The Financial Express

Share Market Highlights: Sensex tanks 800 pts, Nifty ends below 17350; IT stocks drag, Reliance ends in red

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices ended lower today with Nifty below 17,350 amid selling across the sectors barring FMCG. The BSE Sensex fell 861.25 points or 1.46% to end at 57,972.62, and the Nifty closed 246 points or 1.40% lower at 17,312.90

Share Market Highlights: Sensex tanks 800 pts, Nifty ends below 17350; IT stocks drag, Reliance ends in red
The Reliance AGM will start at 2:00 pm (IST), with addresses and presentations expected from Chairman Mukesh Ambani and other board members

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices ended lower today with Nifty below 17,350 amid selling across the sectors barring FMCG. The BSE Sensex fell 861.25 points or 1.46% to end at 57,972.62, and the Nifty closed 246 points or 1.40% lower at 17,312.90. Tech Mahindra, Infosys, Wipro, HCL Technologies and TCS were among the major Nifty losers, while Britannia Industries, Maruti Suzuki, Apollo Hospitals, Nestle India and Asian Paints were the gainers. Apart from FMCG and Oil & Gas, all other sectoral indices ended in the red with Bank, Information Technology, Metal, PSU Bank and Realty down 1-3%. BSE midcap and smallcap indices fell 0.5% each.

Live Updates

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 29 August Monday

15:40 (IST) 29 Aug 2022
Markets end in red

Indian benchmark indices ended lower today with Nifty below 17,350 amid selling across the sectors barring FMCG. Here's a current status of markets

– Post peaking out at ~18K mid-August, markets are now at around 17300 levels.

– IT sector has seen more pain than other sectors on fears of weaker economic growth given the hawkish stance of the FED and the firm resolve to control inflation in the US.

– The US market had rallied ~18% over mid-June -mid August on the expectation that the US rate hike trajectory would be more measured going ahead. But the message last Friday belied these hopes. This was unexpected and hence globally markets have seen weakness today.

– This weakness has been accentuated by the fact that the USDINR rate moved to a new low today accompanied by the dollar index hitting a new multi-year high and the US 10 year seeing a sharp spike this month over the preceding month.

– The immediate fallout of this could be a reversal of the solid FPI inflows seen this month.

– Our market has already digested a fair share of the global weakness which began around 10 months back. We believe a systematic allocation to equities is the best way to navigate these alternate bouts of market decline and recovery.

~Vineet Bagri, Managing Partner- TrustPlutus Wealth

15:33 (IST) 29 Aug 2022
Reliance ends in red on AGM day

Reliance shares fell over half a per cent to end in red as company's 45th AGM concluded. In the last five years, shares of RIL share price saw mixed trends on the company’s AGM day. Last year, in 2021, RIL share price declined 2.4 per cent to close the day at Rs 2,153.50 apiece. In 2020, RIL share price on AGM day fell 3.8 per cent; while in 2019, stock markets were closed on RIL’s AGM day due to Bakri-id, but the stock soared 9.72 per cent on the next day.

14:54 (IST) 29 Aug 2022

BSE Smallcap index shed 0.5 per cent dragged by the Tata Elxsi, Network18 Media & Investments, KBC Global

14:42 (IST) 29 Aug 2022
Reliance Industries stock volatile as Mukesh Ambani addresses 45th AGM

Reliance Industries shares were fluctuating between gains and losses as Mukesh Ambani is addressing company's 45th AGM.

14:42 (IST) 29 Aug 2022
Crude oil prices to trade sideways to up

“Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.81% up near $93.78 per barrel on Monday. Crude oil prices rose as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States.  We expect crude oil prices to trade sideways to up with resistance at $96 per barrel with support at $92 per barrel. MCX Crude oil September contract has important support at Rs 7380 and resistance at Rs 7590 per barrel.”

~Tapan Patel, Senior Analyst (Commodities), HDFC Securities

14:32 (IST) 29 Aug 2022
Emerging market flows can see erratic movement

“Overall emerging market flows can see erratic movement, if UST and dollar index rises out of the comfort zone. In the short term, most of the emerging market central banks and ECB will have to follow the FED and increase rates to protect their currency and stay away from imported inflation. The Fed and ECB will increase rates further, but they will need to be watchful of the repercussions on growth, which will be visible in years to come. What matters now, more than the rate hike is the tapering of the central bank’s bloated balance sheets. The FED is tapering its assets at a much less pace than planned. Eventually, quantitative tightening, rising rates and the global slowdown will put pressure on central banks in the later part of CY23 or early CY24, and possibly have to act accordingly then.”

~ Aishvarya Dadheech, Fund Manager, Ambit Asset Management

14:32 (IST) 29 Aug 2022
India market to remain resilient

“A hawkish speech by Powell pours cold water on the risk-on sentiment in the global markets, with the possible strengthening of the US dollar and the rebound in the UST 10 Yield. However, so far, we haven’t seen any sharp uptick in the US treasury and dollar index post the announcement and hence are not super bearish on the markets. The Indian market will remain resilient and at worst, can remain in the consolidation phase for some time, until the dust settles. We believe FIIs will be watchful and won’t immediately stop buying Indian stocks.”

~ Aishvarya Dadheech, Fund Manager, Ambit Asset Management

14:25 (IST) 29 Aug 2022
Investors with long-term view should utilize increased volatility to increase exposure to equities

“The Indian markets are following the movement of global markets after the hawkish US Fed President's speech at Jackson Hole. On the ECB front, too, there are now rumors that the Sept 2022 policy might see a 75 bps interest rate increase along with QT, which is also adding to the pressure. With terminal rate expectations in the US topping 4%, we believe that the near-term volatility might increase in the equity markets, even though global economic indicators might weaken since the US Fed indicated a willingness to pursue further tightening for a longer period to slay inflation, leading to slower growth and higher unemployment. Investors with a long-term view should utilize the increased volatility to increase exposure to equities. Traders can be on the sidelines till stability is restored.”

~ Naveen Kulkarni, Chief Investment Officer, Axis Securities

14:13 (IST) 29 Aug 2022
Rupee well cushioned at 81.10 mark

“The surge seen in crude oil prices amid expectations that OPEC and allies could cut output to restore market balance is weighing on the rupee-dollar exchange rate. Going forward, market participants shall focus on the key US jobs report as well as the domestic Q1 GDP data to get further cues about the rupee movement. The domestic currency still looks to remain well cushioned at the 81.10 mark and unless we see the rupee breaching the crucial 80.10 mark on a closing basis, it looks primed to reverse course and trade with an appreciation bias,”

~Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking

14:12 (IST) 29 Aug 2022
Rupee slumps following strength in dollar index

“The Indian rupee has slumped to test fresh lows of 80.1250 in today’s session following significant strength seen in the dollar Index towards two-decade highs. The Fed chair Jerome Powell adopted a hawkish stance at the Jackson Hole symposium and indicated a continued tightening path to tackle soaring inflation, which has spurred buying interest in the greenback. Weak economic data from the European region is also supporting the advance in the dollar. Besides, risk-averse sentiments and steep correction in domestic equities have added to the rupee woes,”

~Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking

14:03 (IST) 29 Aug 2022
Indices trim losses, RIL jumps

Benchmark indices were trading lower with Nifty around 17350. The Sensex was down 680.95 points or 1.16% at 58152.92, and the Nifty was down 197.10 points or 1.12% at 17361.80.

13:55 (IST) 29 Aug 2022
Reliance share price jumps 1% minutes before AGM starts

Reliance Industries shares are in focus as company will hold its annual general meeting virtually today. The shares jumped 1%, minutes before Mukesh Ambani's speech is set to start at company's 45th AGM.

13:48 (IST) 29 Aug 2022
Midcap gainers, losers

Adani Power, Colgate, Patanjali Foods, BHEL, and Jubilant Food soar up to 5% in a weak market.  Info Edge, Mindtree, Mphasis, IRCTC fall up to 6%

13:41 (IST) 29 Aug 2022
Lemon Tree shares fall 1.52%

Lemon Tree Hotels has opened 52 rooms franchised hotel in Ahmedabad under its brand 'Keys Select by Lemon Tree Hotels, Gandhi Ashram'. This is the fifth hotel under the company's umbrella in Gujarat. Lemon Tree Hotels Ltd. was quoting at Rs 68, down Rs 1.05, or 1.52 per cent on the BSE.

13:40 (IST) 29 Aug 2022
India VIX up 8%

India VIX soars 8 per cent amid sour global mood after US Fed Chair Jerome Powell's hawkish speech at Jackson Hole event.

13:25 (IST) 29 Aug 2022
Look for buying opportunity in Titan, HAL, BEL and BHEL

“We are witnessing long built up in stocks like Escorts, Colpal, MFSL, Coromandel, BEL, Tataconsum etc. while short build-up is visible in counters Naukri, CUB, Kotakbank, RECLtd, Coforge, TechM, LTTS, PFC, Cumminsind, L&TFH etc. Nifty and Bank Nifty is expected to trade in a narrow range. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in Titan, HAL, BEL and BHEL.”

~Chandan Taparia, Vice President, Equity Derivatives Technical, Broking & Distribution, Motilal Oswal Financial Services

13:24 (IST) 29 Aug 2022
Bank Nifty crucial support at 38250

“Today, apart from FMCG space, we are witnessing negative move in all other sectors out of which most weakness can be seen in IT, Bank, Metal, Media and Realty space. Bank Nifty opened gap down but took support at 37950 zones and is moving in a narrow range. Now it has to hold 38250, for an up move towards 38500 and 38750 zones whereas support can be seen at 38000 and 37750.”

~Chandan Taparia, Vice President, Equity Derivatives Technical, Broking & Distribution, Motilal Oswal Financial Services

13:23 (IST) 29 Aug 2022
Till Nifty stays above 17300 and holds momentum, it can move to 17442 – 17550 zones

“Nifty opened gap down on account of weak global cues but took support near 17150 zones and has been moving in a consolidative manner. It is moving with less momentum but support based buying can be seen. India VIX spiked above 21 zones which is giving some discomfort to the bulls. Now till the index holds 17300 and holds momentum, it can move to 17442 and 17550 zones whereas on the lower side the supports can be placed at 17250 and 17150. Market breadth is favouring the declining counters which indicates some sort of pause at higher zones.”

~ Chandan Taparia, Vice President, Equity Derivatives Technical, Broking & Distribution, Motilal Oswal Financial Services

13:18 (IST) 29 Aug 2022
Reliance Retail makes Rs 5,600-crore initial offer for Metro Cash & Carry India

Reliance Retail has submitted a non-binding bid of  Rs 5,600 crore to acquire Metro Cash and Carry’s India operations and assets According to media report, Thailand’s largest conglomerate, Charoen Pokphand (CP) Group, has placed a bid of about Rs 8,000 crore, or $1 billion, which almost matches the German wholesaler’s expectations.

13:17 (IST) 29 Aug 2022
Bank Holidays in September 2022: Banks closed for up to 13 days in various cities in September; check list

List of Bank Holidays For September 2022: Banks in India are likely to be shut for up to 13 days in September 2022, including second and fourth Saturdays, and Sundays. According to the list released by the Reserve Bank of India (RBI), banks will be closed for 8 days, apart from weekends in September this year. Banks will remain shut in different states or cities on account of different holidays. State wise holidays in September include Ganesh Chaturthi, Karma Puja, First Onam, Thiruvonam, Indrajatra, Sree Narayana Guru Jayanthi, among other occasions. It may be noted that the banks remain open on the first and third Saturdays every month.

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13:11 (IST) 29 Aug 2022
Nifty, Sensex in red

Benchmark indices were trading lower in the afternoon session with Nifty around 17300. The Sensex was down 810.05 points or 1.38% at 58023.82, and the Nifty was down 234.10 points or 1.33% at 17324.80.

13:10 (IST) 29 Aug 2022
US 2-yr treasury yields rises

U.S. 2-year treasury yield climbs to 3.48%; highest since November 2007

12:52 (IST) 29 Aug 2022
HCL Tech, Future Enterprises among 52 BSE stocks to hit 52-week lows; Adani Transmission at new high

BSE Sensex and NSE Nifty 50 tanked more than 2 per cent in the morning trade on Monday. After a few hours into the trade indices recovered from the day’s lows and were down 1.4 per cent. In the noon deals, BSE Sensex was ruling 800 points or 1.4 per cent down at 58,034, and the NSE Nifty 50 was trading at 17,326, down 230 points 1.3 per cent. So far in the trade today, HCL Tech hit a new 52-week low of Rs 875.65, below the previous low of Rs 877.25 touched in July this year. While no stock hit a new 52-week high on S&P BSE Sensex.

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12:49 (IST) 29 Aug 2022
Nifty, Sensex tank 1% amid weak global cues; here’s what is fuelling sell-off today

Indian share market slumped on Monday as investors were spooked after the US Fed chair Jerome Powell though his Jackson Hole Symposium speech diminished the optimism that the central bank may turn around from its aggressive monetary policy amid declining commodity prices. He instead said that the era of interest rate increases is far from over. The BSE Sensex index tanked 1,467 pts to hit an intra-day low of 57,367, while the NSE Nifty 50 sank 393 points to touch the day’s low of 17,166. However, both the indices recouped some opening losses in late morning trade. Bloodbath on Dalal Street was led by the IT pack as the Nifty IT index cracked over 4%. Tech Mahindra, Infosys, HCL Tech, Wipro and TCS slipped 2% to 5%.

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12:19 (IST) 29 Aug 2022
6 Sensex constituents in green

RIL, Maruti, HUL lend support to Sensex index

12:01 (IST) 29 Aug 2022
Mazagon Dock Shipbuilders hits new high on heavy volumes; up 27% in 2 days

MDL is one of India's four strategic defence shipyards and the only one to manufacture destroyers and submarines in India. It is a Defence Public Sector Undertaking (DPSU) under the Ministry of Defence (MoD).

11:55 (IST) 29 Aug 2022
Rupee may hit 81 per US Dollar in near-term on domestic, global concerns; INR fall could push bond yields up

“Spot USDINR is expected to trade higher on a stronger dollar against major currencies. However, we don’t expect sharp depreciation from here following the expectation of a better macro environment going ahead. The pair is so far the median performer among the Asian currencies and is expected to remain the median performer for the rest of the year,” said Dilip Parmar, Research Analyst, HDFC Securities

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11:41 (IST) 29 Aug 2022
Gold to trade sideways to down this week on hawkish signals from US Fed, strong dollar; support at Rs 50400

Gold prices to trade sideways to down this week with COMEX spot gold resistance at $1760 per ounce and support at $1710 per ounce. At MCX, Gold October prices have near term resistance at Rs. 51600 per 10 grams and support at Rs. 50400 per 10 gram. COMEX Spot silver has near term resistance at $19.40 per ounce with support at $18.10 per ounce. MCX Silver December has important resistance at Rs. 56900 per KG and support at Rs. 54000 per KG.

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11:39 (IST) 29 Aug 2022
Bears will be back in action after Powell’s hawkish tone at Jackson Hole; 75 bps rate hike likely in next FOMC

Jerome Powell’s 9-minute speech in Jackson Hole on Friday was short, crisp, clear. The event was a chance for Powell to reset investors’ expectations after the July FOMC meeting on his commitment towards controlling inflation and he made sure that his message goes out strongly with no room for any alternate interpretation. The speech was unequivocally hawkish and Powell made several remarks that spooked the markets with S&P 500 and Nasdaq 100 tanking 3.3% and 4.1% respectively to close the day.

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10:59 (IST) 29 Aug 2022
Metal stocks drag

BSE Metal index fell 2.3 per cent dragged by the Hindalco Industries, JSW Steel, Jindal Steel

10:51 (IST) 29 Aug 2022
Indices recover losses

Benchmark indices recovered opening losses in Monday's late morning trade, however, they continued to trade in the red amid weak global cues. Nifty 50 declined 250 points to test 17,300 levels, while Sensex slid 800 points to trade at 57,998 levels.

10:50 (IST) 29 Aug 2022
Further downside of INR to be limited

“The rupee is under pressure in today’s trading session due to the hawkish commentary of the Fed chairman announced at the Jackson Hole Economic Policy Symposium. The fight to tame inflation is expected to continue in the distant future and the rate hikes are expected to put pressure on the rupee and other emerging market currencies. However, due to the better-than-expected economic growth trajectory of India and less severity of inflation compared to its peers, INR has fared better than other currencies. Further, the signs of FII’s and FPI’s return are visible. Thus we expect the further downside of the INR to be limited; it might bottom out at around 80.5 to 81 levels.”

~Santosh Meena, Head of Research, Swastika Investmart Ltd

10:48 (IST) 29 Aug 2022
Rupee slumps to fresh all-time low of 80.15 as US dollar touches two-decade peak on Fed’s hawkish stance

The Indian Rupee breached the 80 per Dollar mark to hit a fresh record low on Monday while bond yields rose 6 bps, tracking the fall in global equities on the back of the US Federal Reserve chairman Jerome Powell’s hawkish rhetoric at the Jackson Hole event. The local currency was trading at 80.03 against the US dollar, down 0.25% from its previous close. At the interbank foreign exchange, the rupee opened at 80.07 and touched a record low of 80.13 a dollar. The 10 year bond yield gained 6 basis points to 6.27% from its previous close of 6.21%. Note that bond yield and prices move in opposite directions.

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10:18 (IST) 29 Aug 2022
Avoid fresh longs in Nifty index and book profits in trading bets

“On the technical front, Nifty formed an indecisive doji after a small fall hence one can expect rangebound moves ahead with high volatility. Nifty in the weekly time frame has breached the previous week’s which is the first sign of exhaustion. At present juncture one need to avoid trading aggressively amid global nervousness. US Fed Chairman Jerome Powell reiterated hawkish stance on interest rate hike denting nascent hopes for a more modest path of policy tightening. Thus, it would be sensible if one avoid fresh longs in index and book profits in trading bets. Considering the present situation, a bare minimum correction of 38.6% of the entire rally from 15,183 to 17,992 comes around 16900 followed by 50% correction at 16600. On the upside Nifty need to sustain above 17,350 with some authority for the bulls to strengthen their stance,”

~Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

10:09 (IST) 29 Aug 2022
Nifty, Bank Nifty support

Nifty support areas placed at 17,350 & 17,200. Bank Nifty has supports at 38,400 & 38,000.

~Rahul Sharma, Head – Research, JM Financial

10:00 (IST) 29 Aug 2022
Market Outlook: Charts show bears may take charge, to drag Nifty below 17300; trade these two stocks for gains

The Nifty has seen a sharp sell-off from the levels of 17992. There were three days sell-off of till 17345. It is the first indication of resistance in place near 18000 levels and any bounce below 18000 levels can be utilized to go short. If one like to wait for confirmations one needs to wait for the levels of 17345 to get penetrated. In case 17345 gets penetrated then one can see the resumption of the bear trend and the current bear market rally come to halt. As far as RSI(14) and 9 EMA of the same is started moving below 70 levels. The super trend (8,2) is also shifted above the current bars. So, there are multiple indications that the bears may take charge very soon.

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09:58 (IST) 29 Aug 2022
Reliance shares tank 2% ahead of AGM: When, how to watch RIL’s 45th AGM

Reliance Industries Ltd is all set to have its Annual General Meeting on Monday, 29 August at 2 pm. RIL’s 45th AGM since IPO will be conducted via video conferencing and other audio-visual means, the company said in stock exchange filings. Reliance’s annual shareholder meeting is a much-awaited event, where RIL Chairman Mukesh Ambani often reveals what the oil-to-telecom conglomerate would do next to drive growth. Last year, at the 44th AGM, the billionaire had made a slew of announcements related to the solar and new energy business, along with the launch of the JioPhone Next.

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09:48 (IST) 29 Aug 2022
RITES bucks market trend, rises 1%

Rites gains over 1% on bagging new order with JV partner worth Rs 361 cr

09:47 (IST) 29 Aug 2022
Rupee breaches 80 per dollar mark

“USDINR is on a strong wicket, with such a positive USD backdrop. A strong US Dollar Index, high US bond yields with an deeply inverted yield curve and weak equity markets all makes it challenging for FPI and carry trade flows in EMs. However, the speed of the up move will be closely regulated by RBI. RBI has twin objectives of not letting the Rupee become a weak outlier and also, they do not want the USDINR to become too volatile. This means they may continue to sell USD as the spot and forwards moves to a fresh all-time high. However, this may not alter the trajectory of the pair and the path of least resistance would remain upward. We expect a range of 79.70 and 80.50 over the next 1-2 weeks.”

~Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities

09:44 (IST) 29 Aug 2022
Nifty Bank tumbles 2%

Nifty Bank index shed 2 per cent dragged by the Bandhan Bank, Bank of Baroda, IDFC First Bank

09:35 (IST) 29 Aug 2022
Buy on dip texture of market unlikely to hold

“Markets expected Powell to remain hawkish at Jackson Hole but the ultra-hawkish tone of the Fed chief's message and his warnings that Fed's policy will “cause some pain to households and businesses” and this is “the unfortunate costs of reducing inflation” were not expected and factored-in by the markets.  The 17% rally in S&P 500 from mid June to mid August was mainly driven by expectation that with declining inflation Fed would pivot towards lower interest rates by early 2023. This expectation has been belied by Powell's message that rates will go up and remain there for 'sometime'. The sharp rise in the Dollar index above 109 and the 10-year bond yield spiking to 3.1% are negative for capital flows to EMs like India. FPIs are unlikely to continue buying in India in this scenario. The 'buy on dips' texture of the market is unlikely to hold. Investors should not rush in to buy the dips now. Better wait for the dust to settle.”

~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:26 (IST) 29 Aug 2022
Foreign exchange reserves decline to $564.053 billion

India's foreign exchange reserves fell $6.687 billion to $564.053 billion in the week ended August 19, according to the Reserve Bank of India (RBI) data. In the previous week ended August 12, the reserves declined $2.238 billion to $570.74 billion. The drop in the reserves during the week ended August 19 was due to a fall in the Foreign Currency Assets (FCA) and the gold reserves, as per the Weekly Statistical Supplement released by RBI on Friday. FCA fell $5.779 billion to $501.216 billion in the reporting week.

09:18 (IST) 29 Aug 2022
Nifty, Sensex deep in red

Indian indices opened lower on August 29 with Nifty below 17200 on the back of weak global cues. The Sensex was down 1,210.62 points or 2.06% at 57623.25, and the Nifty was down 361.50 points or 2.06% at 17197.40.

09:08 (IST) 29 Aug 2022
Rupee crosses 80-mark again

Indian rupee opened 16 paise lower at 80.03 per dollar on Monday versus Friday's close of 79.87.

09:07 (IST) 29 Aug 2022
Markets to open lower

“Benchmark Indices are expected to open on a negative note as trends on SGX nifty indicate an opening with 350 points loss. Crucial support for Nifty 50 is 17000 while Nifty may face some resistance at 17,500.”

~Mohit Nigam, Head – PMS, Hem Securities

09:06 (IST) 29 Aug 2022
Nifty’s biggest make-or-break support at 17345 mark

Domestic equity markets are likely to retreat sharply in early trade Monday, as the entire Asian pack is trading in deep red after US Fed chairman Jerome Powell in his speech on Friday indicated that interest rates may continue to rise to keep inflation in check. Powell stated that failure to restore price stability would mean far greater pain. Technically, Nifty's biggest make-or-break support is at 17345 mark. Please note, the first signs of an interim top are only if Nifty slips below 17161 mark. Confirmation of strength for the index is only above the 17757 mark.”

~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd

09:05 (IST) 29 Aug 2022
Nifty, Sensex deep in red in pre-open

Benchmark indices are trading deep in the red in the pre-opening session amid weak global cues. The Sensex was down 2,906.65 points or 4.94% at 55927.22, and the Nifty was down 332.10 points or 1.89% at 17226.80. 

08:51 (IST) 29 Aug 2022
Dollar gains as investors brace for higher rates

The U.S dollar extended its rally on Monday, hitting a five-week high on the yen after U.S. Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. The dollar rose 0.5% and back above 138 against the Japanese yen to hit 138.34 in early Asia trade, its highest since July 21. Sterling fell 0.4% to a 2-1/2-year low of $1.1680. The euro fell 0.3% to $0.9932.

08:50 (IST) 29 Aug 2022
Oil mixed as OPEC supply cut prospect offsets demand fears

Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth “for some time”. U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $93.08 a barrel at 0003 GMT, adding to Friday's gain.

Brent crude futures were down 27 cents, or 0.3%, at $100.72 a barrel, trimming gains from the previous session.

08:36 (IST) 29 Aug 2022
Ultra-hawkish stance of Fed at Jackson Hole a short-term negative for equity markets

“FPIs continued to buy equities in August in spite of rise in US bond yields and rising Dollar. In August, as per NSDL data FPIs bought equity worth Rs 45346 crore through the stock exchange till 26th August. They were buyers in the cash market too in all days of August except three. FPIs are now buying stocks of financials, capital goods, FMCG and telecom. The fact that FPIs are buying in India even amidst strengthening dollar is a reflection of their vote of confidence in the Indian economy. The ultra-hawkish stance of the Fed at Jackson Hole is a short-term negative for equity markets. This might impact FPI flows in the short-term.”

~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

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