Indices slump in early trade amid weak global cues

The benchmark indices are trading with major losses in the early trade tracking weak global cues. The Nifty traded below the 17,300 mark. Barring the FMCG index, all the other sectoral indices on the NSE were in the red.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was down 969.79 points or 1.65% to 57,864.14. The Nifty 50 index lost 276.05 points or 1.57% to 17,282.85.

In the broader market, the S&P BSE Mid-Cap index declined 1.30% while the S&P BSE Small-Cap index fell 1.19%.

The market breadth was weak. On the BSE, 772 shares rose and 2,205 shares fell. A total of 153 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 51.12 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 453.59 crore in the Indian equity market on 26 August, provisional data showed.

Stocks in Spotlight:

Reliance Industries (RIL) fell 0.57%. RIL will hold 45th Annual General Meeting at 14:00 IST today, 29 August 2022. The focus may be on the consumer retail business, as per reports.

UltraTech Cement rose 0.17%. UltraTech Cement has completed expansion of 1.3 mtpa capacity at Dalla Cement Works in Uttar Pradesh. Following the completion, the plant`s production capacity will increase to 1.8 mtpa.

Cipla fell 1.49%. Cipla said that the US FDA has issued six observations following the inspection conducted in August 2022 at its Goa plant.

Global Markets:

Asian stocks were trading lower on Monday as the mounting risk of more aggressive rate hikes in the United States.

Profits at China`s industrial firms sank in July. Profits at China`s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1% growth logged during the first six months, the National Bureau of Statistics said on Saturday.

US stocks dropped sharply on Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won`t back off in its fight against rapid inflation.

Fed Chairman Jerome Powell warned that rising interest rates will cause �some pain� to the U.S. economy, saying higher interest rates likely will persist �for some time.� He said the Fed`s decision in September �will depend on the totality of the incoming data and the evolving outlook

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