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Market LIVE Updates: Nifty around 17,300, Sensex down 850 pts; all sectors in the red – Moneycontrol

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 / 10:02 AM IST

Market at 10 AMBenchmark indices erased some of the early losses but still trading lower with Nifty around 17300.The Sensex was down 838.56 points or 1.43% at 57995.31, and the Nifty was down 250.90 points or 1.43% at 17308. About 863 shares have advanced, 2116 shares declined, and 146 shares are unchanged.Sensex falls 1,466 points or 2.5% in intraday. It’s biggest decline in terms of points and percentage since 13 Jun 2022.

Market at 10 AM     Benchmark indices erased some of the early losses but still trading lower with Nifty around 17300.    The Sensex was down 838.56 points or 1.43% at 57995.31, and the Nifty was down 250.90 points or 1.43% at 17308. About 863 shares have advanced, 2116 shares declined, and 146 shares are unchanged.    Sensex falls 1,466 points or 2.5% in intraday. It’s biggest decline in terms of points and percentage since 13 Jun 2022.

August 29, 2022 / 09:58 AM IST

Gold hits 1-month low

Gold prices hit a more than one-month low on Monday, pressured by a robust dollar after U.S. Federal Reserve Chair Jerome Powell signalled continuing with an aggressive monetary policy to tame inflation.

Spot gold fell 0.6% to $1,726.61 per ounce by 0331 GMT. Prices earlier touched $1,722.56, their lowest since July 27.

U.S. gold futures shed 0.7% to $1,737.90 per ounce.

August 29, 2022 / 09:54 AM IST

Gold to find next leg of rally by year-end, investors can stay long till yellow metal stays above $1,672/oz

Gold to find next leg of rally by year-end, investors can stay long till yellow metal stays above $1,672/oz

For a shorter period, gold upside could be capped because of aggressive interest rates by global central banks over the next couple of meetings as well as rising dollar index and bond yield.

August 29, 2022 / 09:48 AM IST

BSE Information Technology index fell 3 percent dragged by Tech Mahindra, Mindtree, Infosys

BSE Information Technology index fell 3 percent dragged by Tech Mahindra, Mindtree, Infosys

August 29, 2022 / 09:40 AM IST

Powell sees pain ahead as Fed sticks to the fast lane to beat inflation

Powell sees pain ahead as Fed sticks to the fast lane to beat inflation

Powell said the Fed will raise rates as high as needed to restrict growth, and would keep them there “for some time” to bring down inflation that is running at more than three times the Fed’s 2…

August 29, 2022 / 09:37 AM IST

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

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

August 29, 2022 / 09:35 AM IST

L&T Technology Services wins 5-year dealL&T Technology Services has won a 5-year, multi-million-dollar deal from European luxury vehicle maker BMW Group to provide high end engineering services for the company’s suite of infotainment consoles targeted for its family of hybrid vehicles.

L&T Technology Services wins 5-year deal     L&T Technology Services has won a 5-year, multi-million-dollar deal from European luxury vehicle maker BMW Group to provide high end engineering services for the company’s suite of infotainment consoles targeted for its family of hybrid vehicles.

August 29, 2022 / 09:30 AM IST

NDTV founders ask Sebi if its previous order restraints conversion of warrants issued to VPCL

NDTV founders ask Sebi if its previous order restraints conversion of warrants issued to VPCL

Last week, VCPL had responded to the stock exchange filing by RRPR and said that it is not a party to the SEBI order dated November 27, 2020 and that it is obligated to comply with contractual…

August 29, 2022 / 09:28 AM IST

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

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.

August 29, 2022 / 09:26 AM IST

India in talks with Russia over LNG supply resumption, GAIL says

India in talks with Russia over LNG supply resumption, GAIL says

GAIL, India’s largest gas distributor and operator of pipelines, has not received the agreed imports since May and has had to cut supplies to clients as a result.

August 29, 2022 / 09:24 AM IST

Foreign exchange reserves decline to $564.053 billion

The country’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.