Stock Market Today: Sensex crashes 861 points, Nifty ends below 17,350-mark on weak global cues

Stock Market Today: Sensex crashes 861 points, Nifty ends below 17,350-mark on weak global cues

Stock Request highlights The important- awaited 45th Annual General Meeting( AGM) failed to lift shares of Reliance diligence. The stock ended lower by0.7 per cent on the BSE. 

 

Chairman Mukesh Ambani said that the company will launch the Jio 5G services in India's crucial metro metropolises in the coming two months. either, Reliance Retail blazoned that they will launch their FMCG business this time. He also laid out race plan with Akash Ambani backing telecom, Isha Ambani Retail, and Anant Ambani joining new- energy perpendicular. READ further 

Coupled with tepid global mood after US Fed president Jerome Powell'sultra-hawkish statement at Jackson Hole, the frontline S&P BSE Sensex settled 861 points, or1.46 per cent, lower at,973. The Nifty50, too, shut shop at,312, down 246 points or1.4 per cent. 

 

In the broader request, the BSE MidCap and SmallCap indicators closed up to0.8 per cent down. Among sectors, the Nifty FMCG indicator was the sole killer, up0.3 per cent. On the flipside, losses were led by the Nifty IT indicator( down3.5 per cent), and the Nifty Bank indicator( down 2 per cent). 

Specialized View Rupak De, Senior Technical Analyst at LKP Securities 

Nifty slipped sprucely lower as it broke down from connection on the diurnal map suggesting a rise in the bearish bet in the request. The instigation 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 indicator may drift down towards 17000- 16950 over the short term. On the advanced end, resistance is visible at 17500. 

request note Vinod Nair, Head of Research at Geojit Financial Services 

Powell’s hawkish tone during the Jackson Hole council refocused towards a stricter rate hike while investors were awaiting a milder policy action post the release of the softer July affectation reading. This has increased concern about an profitable retardation, which has caused a significant sell- off in the US request and spillover goods on requests around the world. The sell- off in arising requests like India was aggravated by enterprises over the possible pullout of foreign finances, which was the backbone of the recent request rally.