MARKETS: Gap down open likely on dull global cues; SGX Nifty down 250pts

MARKETS: Gap down open likely on dull global cues; SGX Nifty down 250pts

CLOSING BELL

Stock market highlights: The much-awaited 45th Annual General Meeting (AGM) failed to lift shares of Reliance Industries. The stock ended lower by 0.7 per cent on the BSE.

Chairman Mukesh Ambani said that the company will launch the Jio 5G services in India’s key metro cities in the next two months. Besides, Reliance Retail announced that they will launch their FMCG business this year. He also laid out succession plan with Akash Ambani championing telecom, Isha Ambani Retail, and Anant Ambani joining new-energy vertical. READ MORE

Coupled with tepid global mood after US Fed chair Jerome Powell’s ultra-hawkish statement at Jackson Hole, the frontline S&P BSE Sensex settled 861 points, or 1.46 per cent, lower at 57,973. The Nifty50, too, shut shop at 17,312, down 246 points or 1.4 per cent.

In the broader market, the BSE MidCap and SmallCap indices closed up to 0.8 per cent down. Among sectors, the Nifty FMCG index was the sole gainer, up 0.3 per cent. On the flipside, losses were led by the Nifty IT index (down 3.5 per cent), and the Nifty Bank index (down 2 per cent). 

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