The Indian market closed lower today amid weak global cues. Sensex tanked 861 points to 57,972 and Nifty closed 246 points lower at 17,312. 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.
3:47 PM: Reliance Industries AGM 2022: RIL shares close flat in a weak market
Shares of Reliance Industries Ltd (RIL) closed on a flat note today even as the Mukesh Ambani-led conglomerate was holding its 45th annual general meeting (AGM). At 3:00 pm, a hour after the meeting began, RIL stock was trading 0.81 per cent lower at Rs 2,597.55 on the BSE. The stock closed at Rs 2,618.75 in the previous session.
Later, the RIL stock closed 0.72 per cent or Rs 18.75 lower at Rs 2,600 on BSE.
However, RIL shares trade higher than the 20-day, 50-day, 100-day and 200-day moving averages but lower than 5-day moving averages. RIL share has gained 16.88 per cent in one year and risen 10 per cent since the beginning of this year. Total 4.59 lakh shares of the firm changed hands amounting to a turnover of Rs 120.20 crore on BSE.
Market cap of the conglomerate stood at Rs 17.64 lakh crore. The share hit a 52-week high of Rs 2,855 on April 29, 2022 and a 52-week low of Rs 2, 130 on September 1, 2021. Shares of RIL have gained 23 per cent since the last AGM held on June 24, 2021 (Saturday).
3:44 pm: Closing update
Sensex falls 861 points to 57,972 and Nifty closes 246 points lower at 17,312.
2:48 pm: Mukesh Ambani on Reliance Retail
Reliance Retail has achieved a record of Rs 2 lakh crore turnover and an EBITDA of Rs 12,000 crore. Today, Reliance Retail is among the Top-10 Retailers in Asia, says Mukesh Ambani, CMD, Reliance Industries.
2:44 pm: Reliance created over 2 lakh jobs in FY22, says Mukesh Ambani
Reliance added more than 2.32 lakh (2,32,822) jobs in the last fiscal (2021-22), company’s chairman Mukesh Ambani said during its 45th Annual General Meeting (AGM).
Ambani also stated that RIL company became India’s first corporate to cross $100 billion in annual revenues during the last fiscal.
Reliance’s consolidated revenues grew 47 per cent to $104.6 billion and its annual consolidated EBITDA crossed a crucial milestone of Rs 1.25 lakh crore, he added.
2:43 pm: Reliance AGM 2022: Jio to offer 5G services by Diwali 2022
Reliance Jio 5G network will be launched across multiple key cities in the country by this Diwali, Reliance Industries (RIL) chairman Mukesh Ambani said. He added Reliance Jio will offer 5G services in every town in India. Ambani was addressing the oil-to-telecom conglomerate’s 45th Annual General Meeting (AGM). Reliance Jio 5G network will be launched across multiple key cities in the country by this Diwali, Reliance Industries (RIL) chairman Mukesh Ambani said. He added Reliance Jio will offer 5G services in every town in India. Ambani was addressing the oil-to-telecom conglomerate’s 45th Annual General Meeting (AGM).
2:40 pm: Jio to invest Rs 2 lakh crore in 5G network
“Jio will deploy the latest version of 5G called ‘standalone 5G’. To build a pan-India true 5G network, Jio will invest Rs 2 lakh crore,” said Akash Ambani, chairman, Reliance Jio
2:35 pm: Bharti Airtel stock trading lower as Ambani announces 5G launch
Shares of Bharti Airtel trading 1.65 per cent lower at Rs 718.85 in afternoon session as Mukesh Ambani announces Jio will launch 5G services by Diwali
2:31 pm: Will Sensex, Nifty hit new all-time high by Diwali? Here’s what expert Nitasha Shankar has to say
While there’s been a sharp recovery in the equity market in the recent times, select sectors, including banking, financial services and insurance (BFSI) will see money coming based on their prospects. This may take the benchmark equity indices BSE Sensex and NSE Nifty to their new high by Diwali.
Market watcher Nitasha Shankar, Head-PRS Equity Research, Yes Securities believes that BFSI space, which has maximum weightage in the benchmark equity indices, is gaining traction and this may support Sensex and Nifty to scale their new highs by Diwali.
“Banking and credit cycle is expected to have bottomed out and this is the sector that faced the brunt of selling by foreign institutional investors (FII) selling. Any revival in FII activity will see money move into this space,” she said. Of late, FIIs have poured more than Rs 50,000 crore in the domestic equity market since June 2022. Earlier, they sold shares worth over Rs 2.50 lakh crore between October 2021 and May 2022.
“With FII stake considered to be its lowest in many years, we believe the chunk of the pressure on this aspect is behind us,” she said.
2:27 pm: RIL stock trading lower
RIL stock trading 0.27 per cent lower at Rs 2,611 as chairman Mukesh Ambani is making key announcements in his AGM speech.
2:20 pm: Mukesh Ambani announces 5G launch by Diwali
RIL chairman Mukesh Ambani said, “Today, I want to announce the next leap forward that Jio is creating in digital connectivity, especially in fixed broadband. That is JIO 5G. With 5G, we will connect 100mn homes with unparalleled digital experiences and Smart Home solutions.”
“Jio 5G will be the world’s largest and most advanced 5G network. Jio will deploy the latest version of 5G, called Stand-Alone 5G, which has zero dependency on our 4G network,” said Mukesh Ambani.
2:08 pm: RIL stock trading higher
RIL stock trading 0.69 per cent higher at Rs 2,636 as chairman Mukesh Ambani starts speaking in the AGM.
1:53 pm: Expert take on stock market
Arijit Malakar, Head of Retail Research at Ashika Group
“The markets across the globe are under pressure as US Federal Reserve maintained its aggressive stance to tame inflation. Last week at Jackson hole symposium, Fed Chair Jerome Powell dismissed any notion of a dovish tilt by the Fed, and warned that U.S. consumers and businesses would have to contend with higher interest rates as inflation rises. The Fed Chair also said that economic growth in the country would likely slow as a result. Such, hawkish statement by Federal reserve, sent dollar to 20-year high against other currencies and that sparked the sell off in the markets. Now, the investors are expecting Fed to hike rates by 75 basis points- the upper end of forecasts- in September. Comments from several Fed officials suggest that US interest rates could end the year significantly above 3 per cent, from the current rate of 2.25 to 2.5 per cent. Hence, market is expected to remain jittery on the back of negative global cues and investors should follow the cautious approach while initiating fresh buys.”
1:47 pm: Market update
Sensex falls 744 points to 58,089 and Nifty slips 211 points to 17,347 in the afternoon session.
1:43 pm: RIL stock trading flat ahead of AGM
Shares of Reliance Industries were trading 0.08 per cent higher at Rs 2,620 ahead of the firm’s 45th AGM set to begin at 2 pm today.
1:06 PM: RITES shares rise 4% as firm wins new order worth Rs 361 crore
Shares of RITES Ltd rose over 4 per cent amid a weak market today after the arm of Indian Railways won a new business order with a JV Partner, worth Rs 361.18 crore. The order relates to the redevelopment of the Kollam railway station from Southern Railways. RITES Ltd stock opened higher at Rs 289.65 against the previous close of Rs 289.65 on BSE. Later, shares of RITES gained 4.52 per cent intraday to Rs 302.75. The share has risen 7.47 per cent in the last three sessions. The stock has gained 13.8 per cent this year and risen 13.11 per cent in one year.
In a month, the stock has risen 14 per cent. Shares of Rites are trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Total 0.63 lakh shares changed hands amounting to a turnover of Rs 1.93 crore on BSE. Market cap of RITES rose to Rs 7.163.40 crore.
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.
9:05 am: Experts’ take
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking
“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.”
Pranit Arora, Co founder & CEO of Univest
“Fed chair foreshadowed further interest rate increase to fight rising inflation and has raised concerns regarding recession. Higher interest rate will lead to lower liquidity and global markets have taken this sentiment negatively. US indices were 3-4% down and Asian markets are also down by 2%. So, we maintain a negative outlook on markets today.”
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.