Share Market Highlights- Nifty closes just over 19300, Sensex under 65k; RIL AGM today, JFS ends 2% lower, RIL sheds 1

Share Market Highlights: Nifty closes just over 19300, Sensex under 65k; RIL AGM today, JFS ends 2% lower, RIL sheds 1.3%

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity indices NSE Nifty 50 and BSE Sensex closed in the green on Monday, as traders celebrated the US Federal Reserve Chairman’s less hawkish stance and new measures by the Chinese authorities to support the markets. Nifty 50 closed at 19,306.05, while Sensex closed the trading session at 64,996.60, giving up the 65,000 level. The broader markets settled largely in the green, with Nifty Midcap 100 and Nifty Smallcap 100 adding 0.5% and 0.74%. Sectorally, all indices save for Nifty FMCG, Nifty IT and Nifty Oil & Gas gained. Bank Nifty rose 0.6%, while Nifty Pharma, Nifty Realty and Nifty PSU Bank clocked the highest gains.Live Updates

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates on 28 August

15:59 (IST) 28 Aug 2023 Markets at close

Nifty 50 closed at 19,306.05, while Sensex closed the trading session at 64,996.60, giving up the 65,000 level.

13:18 (IST) 28 Aug 2023 NBFC-MFIs outlook

ICRA predicts that non-banking financial companies-microfinance institutions (NBFC-MFIs)' profitability will improve to 2.7-3.0% in FY2024 and 3.2-3.5% in FY2025, from 2.1% in FY2023.

12:07 (IST) 28 Aug 2023 Upcoming week data-heavy

“At the Jackson Hole symposium, Fed Chair Jerome Powell recognised the progress made in controlling inflation from last year's peak. However, he warned that inflation was still at levels considered “too high” implying that interest rates could stay elevated. Powell emphasized that policy would continue to be restrictive until inflation steadily declined toward its 2% target. This week the market will get direction from forthcoming US reports on ADP non-farm employment, the PCE price index, personal income and spending data, JOLTS job openings, ISM Manufacturing PMI.”

– Chintan Mehta, CEO, Abans Holdings

11:13 (IST) 28 Aug 2023 RIL AGM expectations

“All eyes would be on RIL AGM and its announcement focusing on Jio Financial future outlook post demerger. RIL has a lot of plans on cards for value unlocking which started from Jio Financials but first initial reactions post listing was not as street expectations. I believe Mukesh Ambani would be focusing more on the Jio Financial plan of action in coming days, which would give a road clear for further value unlocking of retail and Jio telecom ventures.”

– Prashanth Tapse, Senior VP (Research), Mehta Equities.  

10:59 (IST) 28 Aug 2023 BHEL gains 3%

BHEL bags order worth Rs 22.4 billion from NHPCL. The share price rose over 3% to Rs 109.25 apiece.

09:50 (IST) 28 Aug 2023 August weak for equities

“August has been weak for global equity markets. In the mother market of the US, S&P 500 is down by 4% so far in August. This weakness has impacted all other markets including the Indian market where Nifty is down by around 2% so far in August. The global economic scenario and the growth, inflation and interest rate trends in the US will continue to determine stock market trends globally.”

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

09:22 (IST) 28 Aug 2023 Gold outlook

“Gold has support at $1904-1892 while resistance is at $1928-1940. Silver has support at $24.00-23.88, while resistance is at $24.35-24.48 In INR terms, gold has support at Rs 58,480, 58,310. while resistance is at Rs 58,865, 59,040. Silver has support at Rs 72,710-72,150, while resistance is at Rs 74,240–75,040.”

– Rahul Kalantri, VP Commodities, Mehta Equities

09:19 (IST) 28 Aug 2023 Markets at open

While Nifty 50 opened at 19,298.35, the NSE index reclaimed the 19,300 level while Sensex began the trading session at 64,908.08, however, it topped the 65,000 level shortly after opening.

09:14 (IST) 28 Aug 2023 Markets at pre-open

Domestic indices NSE Nifty 50 and BSE Sensex end the pre-open session flat. Sensex added 0.03% while Nifty 50 gained 0.17% early Monday morning.

08:51 (IST) 28 Aug 2023 Global cues to drive markets

“Local markets are likely to join the positive global trend following a dovish Federal Reserve Chair Jerome Powell's speech at the central bank's annual economic symposium in Jackson Hole on Friday. Markets have been lingering in the negative territory in the past few weeks due to weak global cues and FII selling, and hence recovery is anticipated owing to India's underlying economic strength compared to other global economies.”

– Prashanth Tapse, Senior VP (Research), Mehta Equities

08:23 (IST) 28 Aug 2023 Fed Chair Powell reaffirms inflation fight

Federal Reserve Chair Jerome Powell on Friday did little to dissuade markets from the “higher for longer” mantra for rates that has driven up Treasury yields in recent weeks, leaving some investors looking for more cautious bets in case the economy is unable to escape a downturn next year.

Speaking at the Kansas City Fed's annual gathering in Jackson Hole, Wyoming, Powell left open the possibility of further rate increases and stressed the U.S. economy's surprising strength, though he acknowledged declines in the pace of inflation over the past year.

07:52 (IST) 28 Aug 2023 RIL AGM eyed

Key index heavyweight Reliance Industries is gearing up for its 46th annual general meeting (AGM), which will drive domestic cues for the forthcoming week. The AGM, to be held today, follows closely on the heels of Jio Financial Services making its market debut and the Qatar Investment Authority's purchase of a stake in Reliance Retail Ventures (RRVL).

07:47 (IST) 28 Aug 2023 Wall Street

U.S. stocks ended a volatile session higher on Friday as investors digested comments from Federal Reserve Chair Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained, according to Reuters. The Dow Jones Industrial Average experienced an increase of 0.7%, the S&P 500 gained 0.7%, and the Nasdaq Composite rose by 0.9% on Friday.

07:40 (IST) 28 Aug 2023 F&O ban

The National Stock Exchange has Escorts Kubota, SUN TV, GMR Airports Infrastructure, RBL Bank, Hindustan Copper, Manappuram Finance, India Cements and BHEL securities on its F&O ban list for 28 August.

07:38 (IST) 28 Aug 2023 FII, DII data

Foreign institutional investors (FII) sold shares worth net Rs 4,638.21 crore, while domestic institutional investors (DII) bought shares worth net Rs 1,414.35 crore on 25 August.

07:33 (IST) 28 Aug 2023 Crude oil

Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand.

07:33 (IST) 28 Aug 2023 Asian shares in focus

Stock markets across the Asia-Pacific region surged in trade on Monday as China announced new measures to support its ailing markets, though the mood was cautious ahead of readings on U.S. jobs and inflation could decide whether interest rates have to rise again.

Chinese indices Shanghai Composite and Shenzhen Component jumped 5% and 5.63% respectively. Japan's Nikkei-225 added 1.5%, while Hong Kong's Hang Seng index surged 3.16%. South Korea's KOSPI added 0.85% while the Taiwan index rose by 0.34%.