The Indian market opened lower today as Sensex tanked 1,268 points to 57,565 and Nifty lost 387 points to 17,171 in early trade. Benchmark indices managed to end in the green on Friday despite fag-end volatility trimming most of the day’s gains. Sensex climbed 59.15 points or 0.10 per cent to end at 58,833.87. During the day, the 30-stock index jumped 546.93 points or 0.93 per cent to 59,321.65. Nifty gained 36.45 points or 0.21 per cent to end at 17,558.90.
Stocks in news: Reliance Industries, NTPC, Cipla, RITES and more
Here’s a look at live market updates today.
11:41 am : IRCTC share price slips 8% in early trade, here’s why
Shares of Indian Railway Catering and Tourism Corporation Ltd (IRCTC) fell over 8 per cent in early trade today after the railways ticketing arm withdrew its E-tender for appointment of consultant for monetisation of lndian Railways’ data. The share opened 6.05 per cent lower at Rs 675 on BSE. In today’s session, IRCTC stock slipped 8.14 per cent intraday to Rs 660 against the previous close of Rs 718.50 on BSE. Market cap of IRCTC fell to Rs 55,324 crore on BSE.
10:50 am: Sensex, Nifty trim losses
Sensex falls 835 points to 57,998 and Nifty slips 250 points to 17,308.
10:03 am: RIL AGM: OTC biz, retail, digital services part of Reliance’s strategic priorities
Reliance Industries, which is the biggest listed entity of the country in terms of market capitalisation, will be holding its annual general meeting (AGM) later today amidst a bullish outlook on the company by the analyst community. In a recent report, ICICI Securities stated that the company’s FY22 annual report provided “some pertinent insights on the way the company’s character has transformed over the past 3-4 years”.
“The fiscal saw record profitability and margins for RIL’s consolidated operations, with growing scale of the consumer businesses complemented by recovery in ‘oil to chemicals’ (OTC) margins as well,” it said. It, however, added that substantially higher capex across business segments – digital services and retail – led to a sharp compression in the return ratios in the last two years.
Overall RoE increased just 28bps and RoCE dipped 57bps YoY, driven by massive capex of Rs 1.4 lakh crore in FY22, it stated, highlighting the Rs 82,700 crore capex in digital services and Rs 29,870 crore in retail.
The domestic brokerage further highlighted the fact that the company has “continued to aggressively invest across new business segments”.
9:59 pm: Why Sensex tanked 1,250 points in early trade today
Benchmark indices crashed in early trade today in line with weak global cues. Sensex tanked 1,268 points to 57,565 and Nifty lost 387 points to 17,171. All 30 Sensex stocks were trading in the red in early trade. Tech Mahindra, Infosys, HCL Tech were the top Sensex losers. Shares of Reliance Industries were trading 0.57 per cent lower at Rs 2,603 ahead of the firm’s 45th AGM to be held during market hours today. The weakness in the market came after US markets plummeted following Fed chief’s ultra-hawkish tone. Jerome Powell said the Fed will likely need to keep interest rates high enough to slow the economy “for some time” in order to beat back the high inflation sweeping the country.
9:30 am: Top losers
All 30 Sensex stocks trading in the red in early trade. Tech Mahindra, Infosys, HCL Tech top losers.
9:27 am: RIL stock trading lower
Reliance Industries trading 0.57 per cent lower at Rs 2,603 ahead of the firm’s 45th AGM to be held during market hours today.
9:19 am: Market tanks
Sensex tanks 1,268 points to 57,565 and Nifty loses 387 points to 17,171 in early trade.
9: 00 am: Asian stocks jilted as central banks promise tough love; Nikkei down over 2%
Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields higher and tested equity and earnings valuations.
Federal Reserve Chair Jerome Powell’s promise of policy “pain” to contain inflation quashed hopes that the central bank would ride to the rescue of markets as so often in the past.
The tough love message was driven home by European Central Bank board member Isabel Schnabel who warned over the weekend that central banks must now act forcefully to combat inflation, even if that drags their economies into recession.
“The main takeaways are taming inflation is job number one for the Fed and the Funds Rate needs to get to a restrictive level of 3.5% to 4.0%,” said Jason England, global bonds portfolio manager at Janus Henderson Investors.
8:55 am: Expert take: Mohit Nigam, Head – PMS, Hem Securities
“Benchmark Indices are expected to open on a negative note as trends on SGX nifty indicate an opening with 350 points loss. Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields higher and tested equity and earnings valuations. Stocks in US pummelled Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won’t back off in its fight against rapid inflation. The Dow Jones Industrial Average dropped 1,008.38 points, or 3.03 percent, to 32,283.40, with losses accelerating into the close. The S&P 500 fell 3.37 percent to 4,057.66, and the Nasdaq Composite slid 3.94 percent to 12,141.71. Powell sees pain ahead as Fed sticks to the fast lane to beat inflation. Also, Profits at China’s industrial firms sank in July, reversing previous gains as fresh Covid-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Crucial support for Nifty 50 is 17000 while Nifty may face some resistance at 17,500.”
8:35 am: Expert Take
Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities
“For bulls, 17,725 would be the immediate resistance level and above which the index could move up to 17,850-18,000. On the flip side, 17,500 would be the crucial support zone and on a fresh round of selling, the index could trade below 17,500. Below the same, the index could retest the level of 17,350 and on further down side the index could retreat to 17,200.”
8:25 am: SGX Nifty
The Indian market is likely to open lower today as SGX Nifty fell 363 points to 17,295. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:10 am: Market on Friday
Benchmark indices managed to end in the green on Friday despite fag-end volatility trimming most of the day’s gains. Sensex climbed 59.15 points or 0.10 per cent to end at 58,833.87. During the day, the 30-stock index jumped 546.93 points or 0.93 per cent to 59,321.65. Nifty gained 36.45 points or 0.21 per cent to end at 17,558.90.