Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian benchmark indices opened lower with NSE Nifty 50 below 17200 on the back of weak global cues. The BSE Sensex was down 1,210.62 points or 2.06% at 57623.25, and the Nifty was down 361.50 points or 2.06% at 17197.40. All 30 Sensex constituents were in red. Tech Mahindra, Infosys, HCL Technologies, TCS, Wipro, Bajaj Finserv was the top losers. All Nifty stock were trading in the red with major losers were Tech Mahindra, Infosys, HCL Technologies, TCS and Wipro. Broader markets, too, declined in tandem as Nifty Smallcap 100 and Nifty Midcap 100 dropped over 2%. All sectors drowned in sea of red with Nifty IT, Nifty PSU Bank, Nifty Realty indices battered in trade.

All eyes will be on Reliance Industries’ 45th Annual General Meeting (AGM) today. Mukesh Ambani’s oil-to-telecom conglomerate will hold its much anticipated AGM virtually. The Reliance AGM will start at 2:00 pm (IST), with addresses and presentations expected from Chairman Mukesh Ambani and other board members. Investors will look for updates around last year’s announced plans to build four giga-factories to make solar modules, hydrogen electrolyzers, fuel cells and storage batteries. The AGM will be live broadcasted on five social media platforms including Facebook, Real-Time Messaging Protocol, Twitter, YouTube, Instagram and Koo apart from company’s homegrown HD video conferencing application JioMeet.

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

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.”

India'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.