Sensex slides 861 pts, Nifty holds 17,300; RIL slips 1% post 45th AGM

CLOSING BELL: Mukesh Ambani laid out succession plan with Akash Ambani championing telecom, Isha Ambani controlling Retail, and Anant Ambani joining new-energy vertical

CLOSING BELL

Stock market highlights: The much-awaited 45th Annual General Meeting (AGM) failed to lift shares of Reliance Industries. The stock ended lower by 0.7 per cent on the BSE.

Chairman Mukesh Ambani said that the company will launch the Jio 5G services in India's key metro cities in the next two months. Besides, Reliance Retail announced that they will launch their FMCG business this year. He also laid out succession plan with Akash Ambani championing telecom, Isha Ambani Retail, and Anant Ambani joining new-energy vertical. READ MORE

Coupled with tepid global mood after US Fed chair Jerome Powell's ultra-hawkish statement at Jackson Hole, the frontline S&P BSE Sensex settled 861 points, or 1.46 per cent, lower at 57,973. The Nifty50, too, shut shop at 17,312, down 246 points or 1.4 per cent.

In the broader market, the BSE MidCap and SmallCap indices closed up to 0.8 per cent down. Among sectors, the Nifty FMCG index was the sole gainer, up 0.3 per cent. On the flipside, losses were led by the Nifty IT index (down 3.5 per cent), and the Nifty Bank index (down 2 per cent).

4:10 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty slipped sharply lower as it broke down from consolidation on the daily chart suggesting a rise in the bearish bet in the market. The momentum oscillator RSI is in bearish crossover and falling towards the oversold zone. The short-term trend at the juncture looks weak, on the lower end, the index may drift down towards 17000-16950 over the short term. On the higher end, resistance is visible at 17500.

4:08 PM

MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services

Powell’s hawkish tone during the Jackson Hole symposium pointed towards a stricter rate hike while investors were expecting a milder policy action post the release of the softer July inflation reading. This has increased concern about an economic slowdown, which has caused a significant sell-off in the US market and spillover effects on markets around the world. The sell-off in emerging markets like India was exacerbated by concerns over the possible withdrawal of foreign funds, which was the backbone of the recent market rally.

4:06 PM

3 reasons why the Sensex ended 861 points lower at 57,973 levels on Monday

Monday's market mayhem was led by the IT pack as Nifty IT index cracked over 4 per cent. Tech M, Infosys, HCL Tech, Wipro and TCs slipped 2-5 per cent. READ MORE

4:03 PM

RIL AGM 2022: 5G in two months, FMCG business, other key announcements here

RIL's chairman Mukesh Ambani announced a slew of measures including the launch of 5G services in India in the next two months and the launch of a new Giga factory for power electronics. READ MORE