Sensex down 1457pts, Nifty gives up 15800 on global rout, ahead of CPI data

CLOSING BELL: The top laggards were Bajaj Finserv, IndusInd Bank, Bajaj Finance, Hindalco, Tech M, Tata Motors, ICICI Bank, Adani Ports, NTPC, and TCS

4:15 PM

NIFTY TECH VIEW: Slide below 15,670 may resume selling pressure in the market

Nifty remained under selling pressure as it slipped below the 16,000 mark in the morning trades.

However, on the lower end, it found support at a historical swing low it had made in early March this year, leading to recovery in the second half.

The daily RSI is in bearish crossover and falling. The trend remains bearish; a fall below 15,670 may resume the selling pressure in the market.

On the higher end, resistance is visible at 16,000/16,200.

Views by  Rupak De, Senior Technical Analyst at LKP Securities

4:12 PM

CLOSING VIEW: US May inflation raised fears of more aggressive rate hikes

Weak global cues ahead of the Fed meet painted benchmark indices here in a sea of red as street awaits CPI data on a day when the rupee hit a new low.

The risk off mode in equities globally after the US inflation print raised fears of an aggressive rate hike and the Dollar Index at 104 seems to weigh heavily amidst relentless FII selling despite local redemptions in May coming in at a two year low.

Views by S Ranganathan, Head of Research at LKP securities

4:09 PM

MARKET VIEW: Volatility ahead likely but time is right to lap up good quality stocks

The record-high inflation numbers announced in the US on Friday have created a huge sell-off in the global equity markets.

The markets expect Fed to become more aggressive to tame the entrenched inflation; this will lead to huge outflows of FII’s and FPI’s money and further depreciation of INR.

Today’s fall is nothing new; it’s just a reality check as the majority of stock prices had moved far away from their fundamentals or intrinsic values.

Markets often need trigger events to comply with the universal law of mean reversion and the Russia-Ukraine War is that event this time. 

We recommend investors to see the big picture, it is true that inflation is going to stay for a while and affect the profits of corporate India, but in the medium to long term, there are many companies with good fundamentals, robust financials, and competitive advantages that are going to perform well.

Further, India is better placed than its peers with respect to growth factors and the ability to fight current inflation.

Thus, the current uncertain times are best to lap up such quality stocks and investors can use the buy on dips strategy, however, in the near term, the markets are going to be volatile.

Views by Santosh Meena, Head of Research, Swastika Investmart 

4:06 PM

10-yr bond yield ends at 7.6% after hitting 3-yr high of 7.62% during the day

4:03 PM

Rupee closes at a new low of 78.04/$ after breaching 78/$ for the first time ever

 

4:00 PM

Zee Entertainment ends off day's low amid ongoing IPL media rights auction

 

3:58 PM

Glenmark Pharma sinks 3% on report US FDA to begin inspection at Baddi plant

 

3:56 PM

Angel One drops 5.5% on buzz of 2.36 lakh shares-block deals

3:53 PM

Sugar stocks turn sour as food secy says govt to maintain sugar export limit

3:51 PM

Buzzing stock: GR Infra plunges 10% on report of CBI conducting raids at company's offices

3:50 PM

Market breadth extremely negative at 1:4 in advances vs declines

3:48 PM

Sectoral trends: Nifty IT, Metals and Media packs lead decline; close 4% lower

 

3:46 PM

Broader markets bleed; SmallCaps worst performer

3:42 PM

Nifty top gainers & losers: Britannia, Nestle up; Tata Motors, Hindalco, IndusInd slip 5%

 

3:40 PM

Sensex Heatmap: Bajaj twins tank up to 7%; Nestle emerges as sole winner

 

3:38 PM

Closing Bell: Nifty50 tanks 427 pts to close below 15,800

 

3:36 PM

Closing Bell: Markets fall the most in 3 weeks; Sensex plunges 1,457 pts

 

3:23 PM

Debt mutual fund sees Rs 32,722-cr outflow in May on rising interest rates

Mutual funds focused on investing in fixed-income securities witnessed a net outflow of Rs 32,722 crore in May in the wake of Reserve Bank of India (RBI) stance on monetary policy turning hawkish. Read more

3:14 PM

Zee Ent under pressure; down 5% amid bidding for IPL media rights

Shares of Zee Entertainment Enterprises lost over 7%, the worst decline in more than three months. Here's what an expert says-

 

"The merged entity Zee-Sony are bidding for the exclusive rights of TV and Digital rights, which at the end of yesterday's session ended about 10,000cr above the base price set by BCCI at 32000cr. This itself is an unusually high bid, which in the case is won by Zee-Sony would be too ambitious compared to their affordability. This would require raising some considerable debt thus impacting the numbers. Therefore the pressure is seen on the Zee stock price anticipating a win at the end of the bidding session"

Views by Ashwin Patil, Senior Research Analyst at LKP Securities. 

 

3:05 PM

Tata Steel unveils 7 mn pound green investment plan for UK steel tube mill

Tata Steel has unveiled a 7-million pound investment plan for its Hartlepool Tube Mill in north-east England that the Indian steel major says will cut carbon emissions, improve capacity and reduce cos. Read more

2:57 PM

Dismal trade for US equity futures post red-hot inflation data

2:54 PM

MARKET COMMENT :: 'We are close to bottoming out'

Our research suggests that as soon as the Sensex PE multiple falls below 20x, the markets start looking very attractive from a 2-3 year perspective.

 

Right now, the Sensex trades at a PE multiple of close to 22x. This means we are very close to the levels where we can again dream of earning returns in the region of 16%-18% per annum over the long term.

 

From a sectoral perspective, it would make sense to look at sectors that are more domestic oriented like auto, capital goods and the whole defence space.

Views by: Rahul Shah,Co-Head of Research at Equitymaster 

2:52 PM

European markets edge lower amid negative global cues

2:46 PM

Nifty IT index crashes over 4%; TCS, Infosys, LTI, LTTS plunge up to 6%

Global growth is expected to moderate from 6.1% in 2021 to 3.6% in 2022, driven by withdrawal of monetary accommodation in major economies, continued supply side shortages and economic damage from war. READ HERE

2:38 PM

Nifty IT slips 4%; Coforge hits 52-week low

2:30 PM

All 30 counters on Sensex drown in red

2:24 PM

Reliance Infra to receive Rs 595 cr from Damodar Valley Corp by July end

Reliance Infrastructure Limited (Reliance Infra) is set to receive a sum of Rs 595 crore from Damodar Valley Corporation (DVC) by July 31. READ HERE

2:15 PM

LIC shares face renewed selling pressure as anchor lock-in ends; fall 4.5%

Analysts said this week is likely to be a litmus test for LIC on whether the stock finds buying support from institutional investors like mutual funds at these lower valuations. READ HERE

2:08 PM

Nestle India, Britannia the only Nifty50 gainers

2:03 PM

Broader markets bleed up to 4%; India Vix soars nearly 16%