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August 29, 2022 / 04:08 PM IST

Closing Bell: Nifty ends below 17,350, Sensex tanks 861 pts; IT stocks worst hit

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 percent.

  • IndexPricesChangeChange%
    Sensex57,076.12-69.10 -0.12%
    Nifty 5016,979.75-36.55 -0.21%
    Nifty Bank38,455.05-161.20 -0.42%
    Nifty 50 16,979.75 -36.55 (-0.21%)
    Tue, Sep 27, 2022
    Biggest GainerPricesChangeChange%
    Power Grid Corp205.104.25 +2.12%
    Biggest LoserPricesChangeChange%
    Adani Ports839.85-23.55 -2.73%
    Best SectorPricesChangeChange%
    Nifty FMCG44205.20267.80 +0.61%
    Worst SectorPricesChangeChange%
    Nifty Metal5670.50-107.75 -1.86%


  • August 29, 2022 / 09:51 AM IST

    RIL AGM 2022: When and where to watch it LIVE

    Reliance Industries Ltd (RIL) will hold its annual general meeting (AGM) on Monday, an event that investors and analysts have come to expect major announcements from. In 2021, it was the conglomerate's entry into green energy, while in 2020, it was the induction of Google as a minority investor.

    The AGM will be held via video conferencing for the third consecutive year and it will start at 2 pm. RIL chairman Mukesh Ambani will address the meet while other members of the company’s board and subsidiaries too are expected to give speeches and offer presentations.

    The event will be live streamed across various platforms.

  • August 29, 2022 / 04:43 PM IST

    Ajit Mishra, VP - Research, Religare Broking

    Markets started the week on a feeble note and lost over a percent, pressurised by weak global sentiment. After the gap-down start, the benchmark hovered in a narrow range for most of the sessions. Consequently, the Nifty closed at 17,312.9; down by 1.4%. The majority of the sectoral indices traded in line with the index and ended lower wherein the IT pack lost maximum. 

    The sharp sell-off in the US markets has changed the global tone and is impacting our markets too. Nifty must reclaim 17,400 to show resilience else it may also inch gradually lower and test the 16,900 zone. Amid all negativity, a few sectors/stocks are still showing tremendous resilience so the focus should be more on selection to navigate during the corrective phase.

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  • August 29, 2022 / 04:40 PM IST

    Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities

    Markets witnessed a sea of red at Dalal Street as Fed choses inflation flight over growth. The Nifty plunged and ended deep in red as bears were seen in total control after Jerome Powell at his Jackson Hole appearance mentioned that interest rates may continue to rise to combat inflation. 

    Powell also stated that failure to restore price stability would mean far greater pain. Technically speaking, the Nifty line on the sand is at the 17161 mark. Nifty‘s major support is at 17161 mark and below the same, the next big support is at 16911 mark. For Tuesday’s session, Nifty’s major hurdle is seen at 17507, while buying is advised only above the 17757 mark.

  • August 29, 2022 / 04:38 PM IST

    Abhijeet Bora, AVP – Research, Sharekhan by BNP Paribas
     
    Reliance Industries Limited’s (RIL) AGM focused on three areas of 5G investment of Rs 2 lakh crore, new energy capex of Rs 75,000 crore and launch of its FMCG business. RIL plan to start 5G rollout in four metros by Diwali with target of Pan-India coverage by December 2023 and plan to connect 100 mn broadband homes would drive growth for Jio over next 3-5 years. 

    New Energy business clearly outlines capacity building and timeline to start production across key value chain with 10 GW solar PV cell & module facility to start production by 2024, green hydrogen by 2025 and battery packs by 2023. 

    Investment of Rs 75,000 crore in O2C business was a bit surprise with capacity expansion for PTA/PET/Polyester by 2026, capacity expansion of EDC/PVC at UAE and Carbon Fibre (capacity of 20000 tonnes) plants. The clear succession plan for each business of Jio, retail and new energy is also important from building leadership team for sustained growth (RIL target to double its value by end of 2027). We maintain our Buy rating on RIL.

  • August 29, 2022 / 04:36 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
     
    Investors had already got the wind of bearish undertone for the start of the week, after the US Fed chairman's speech on Friday talked about further rate hikes going ahead to tame inflation. And as expected, Sensex crashed nearly 1,500 points in early trades before recovering some ground to close off its day's low. 

    Traders are expecting more bouts of volatility in coming sessions on concerns that continuation of rate hikes in the US could pose a threat to the global economy and hurt growth prospects. 

    Technically, the Nifty closed below the 20-day SMA (Simple Moving Average) which is broadly negative. For Nifty, 17400 and 17450 would act as important resistance zones. And 17250 could be the sacrosanct support zone. Below the same, the index could slip till 17150-17100. On the flip side, above 17400, the index would move up to 17450-17500.

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  • August 29, 2022 / 04:35 PM IST

    Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:

    The Nifty had seen a minor degree bounce in the last week that retraced nearly 61.8% of the first leg of the fall. Structurally, the index was gearing up for a down move. Accordingly, the index had a huge gap down opening on August 29. 

    On the way down, the index breached the swing low of 17345, which got retested with an intraday bounce. Although, the index witnessed some recovery intraday, it is unlikely to sustain going ahead. 

    17350-17400 is an immediate resistance zone where the index is likely to attract another round of selling. Overall short term target continues to be pegged at 17000. 

  • August 29, 2022 / 04:06 PM IST

    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.

  • August 29, 2022 / 03:58 PM IST

    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.

  • August 29, 2022 / 03:54 PM IST

    Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    A highlight of the AGM was Mukesh Ambani's emphasis on succession planning. He concluded his address by seeking everyone's blessings for the "Gen next taking over the reins confidently."

    With Akash heading Jio, Isha heading Retail and Anant heading Energy the plans are clearly spelt out. Mukesh Ambani's promise to double the value of the company by 2027 is reassuring. His commitment to India and faith in the India growth story remains as strong as ever.

  • August 29, 2022 / 03:34 PM IST

    Rupee Close:

    Indian rupee close lower at 79.96 per dollar against previous close of 79.87.

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  • August 29, 2022 / 03:34 PM IST

    Market Close: Benchmark indices ended lower on August 29 with Nifty below 17,350 amid selling across the sectors barring FMCG.

    At Close, the Sensex was down 861.25 points or 1.46% at 57,972.62, and the Nifty was down 246 points or 1.40% at 17,312.90. About 1414 shares have advanced, 1989 shares declined, and 205 shares are unchanged.

    Tech Mahindra, Infosys, Wipro, HCL Technologies and TCS were among the major Nifty losers.

    The gainers included Britannia Industries, Maruti Suzuki, Apollo Hospitals, Nestle India and Asian Paints.

    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 percent.

    BSE midcap and smallcap indices fell 0.5 percent each.

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