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

10:05 AM

COMMENT :: 'Markets to remain cautious ahead of various central banks meetings this week'

Nifty opened gap down as equity markets across globe are witnessing a sell-off after US May inflation data accelerated to four decades high which raised concerns about aggressive rate hikes by US Fed in the upcoming monetary policy meet due this wednesday. US treasury yields surged to 14 year high at 3.15% while dollar index spiked above 104 levels. US futures are also down ~1%. On the domestic side, India’s inflation data is due today on account of which nervousness is likely to be seen in the market. Apart from these market would continue to remain cautious ahead of various central banks meetings in this week

Views by: Hemang Jani, Head Equity Strategy, Motilal Oswal Financial Services

10:04 AM

Gold to remain bullish above this level; Silver futures await breakout

The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200. Read here

9:59 AM

Expert view: Investors should wait and watch till clarity emerges on market trend

The near-term market trend is weak. The May US inflation print at 8.6% against the market expectation of 8.3% is likely to turn the Fed more hawkish with a series of 50 bp rate hikes taking the terminal rate by mid 2023 above 3.5%.

Such a scenario would be negative for risky assets like equity, particularly in the context of declining global growth.

The Indian market will stabilize only when the US market stabilises. Therefore, investors may wait and watch till clarity emerges on the market trend.

 

One silver lining is the 7.1% increase in IIP which indicates that the Indian economy is doing well.

Therefore, long-term investors can use the dips in the market to buy high quality economy-facing stocks like capital goods, banking, telecom and export segments.

Views by V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

 

9:54 AM

Sensex bleeds over 1,400 points: Top 5 reasons behind Monday's crash

All sectors bled in red with bank, metals, and realty bearing the brunt of the selloff. Analysts believe that the persistent equity selloff by foreign investors, negative sentiments across global markets due to fear of aggressive rate hikes by the US Federal Reserve (US Fed), coupled with a weaker rupee was dampening investors' risk appetite. READ MORE

9:46 AM

Sector check :: Investors check out of hotel stocks as Covid cases surge

9:44 AM

Sector check :: Paint stocks fare relatively better as Crude oil price eases marginally

9:42 AM

STOCK ALERT :: Dhanlaxmi Bank outperforms markets, falls 1.5% on subdued EGM

>> The Thrissur-based bank saw a subdued extraordinary general meeting (EGM) on Sunday, June 12, after a group of minority shareholders called the meet due to shared disappointment with the working of the bank and its financials. 

9:40 AM

STOCK ALERT :: RBL Bank tumbles 15% despite appointment of R Subramaniakumar as the MD & CEO

>> The RBI has approved R Subramaniakumar’s appointment as the MD & CEO of RBL Bank. Subramaniakumar has been appointed at RBL for three years from the date of taking charge.

9:38 AM

BSE Stats :: Sellers accelerate pressure; over 2,000 stocks in red vs 500 in green

9:36 AM

Realty stocks crumble as interest rate hike may dent demand recovery

9:35 AM

Nifty Bank tests 33,400; Bank of Baroda, ICICI Bank drop up to 5%

9:33 AM

Bond markets :: 10-year bond yield hits 7.6%

9:32 AM

ALERT :: India VIX spikes over 10%

9:32 AM

ALERT :: Pressure mounts on indices

>> Sensex trades near 52,843.39, down 1460.05 points or 2.69%

>> Nifty50, too, quotes at 15,793.90, down 407.90 points or 2.52% 

9:29 AM

Broader market :: BSE SmallCap slides over 2.5%