Share Market Live: Sensex falls 125 pts, Nifty below 15,750; TechM, IndusInd top losers

The Indian market opened lower today amid negative global cues. On Monday, Sensex crashed 1,456 points to 52,846 and Nifty declined 427 points to 15,774 in the first trading session of this week.

The 30-stock index tanked 1,569 points intraday to 52,734 against the previous close of 54,303. Nifty fell up to 452 points to 15,749 against Friday’s close of 16,201.

Here’s a look at live market updates today.

2:03 pm: Sensex falls 124 points to 52,722 and Nifty loses 31 points to 15,742 in volatile trade today.

1:30 pm: WPI inflation for May at 15.88% as against 15.08% in April

The annual rate of inflation has been recorded at 15.88 per cent for the month of May as opposed to 15.08 per cent in the month of April. In May 2021, the rate of inflation was 13.11 per cent.

“The annual rate of inflation is 15.88 per cent (Provisional) for the month of May, 2022 (over May, 2021) as compared to 13.11 per cent in May, 2021. The high rate of inflation in May, 2022 is primarily due to rise in prices of mineral oils, crude petroleum & natural gas, food articles, basic metals, non-food articles, chemicals & chemical products and food products etc. as compared to the corresponding month of the previous year,” stated the Ministry of Commerce and Industry. READ MORE

12:51 pm: Tata Steel stock hits 52 week low

 Shares of Tata Steel hit 52 week low of Rs 987.65 against previous close of Rs 992.70  on BSE.

12:39 pm: Why Zomato stock slipped 5% in early trade today

Shares of online food delivery firm Zomato fell nearly 5 per cent today after brokerage Macquarie gave a bearish stance on the stock. Zomato stock slipped 4.97 per cent to Rs 64.05 in early trade against the previous close of Rs 67.40 on BSE. Zomato stock opened with a loss of 3.56 per cent at Rs 65 on BSE.

Total 19.01 lakh shares changed hands amounting to a turnover of Rs 12.92 crore.

Market cap of the food delivery firm stood at Rs 54,603 crore on BSE. The stock hit a 52-week high of Rs 169.10 on November 16, 2021 and a 52-week low of Rs 50.35 on May 11, 2022. READ MORE

10:52 am: Indices erase losses

Sensex rises 96 points to 52,943 and Nifty gains 34 points to 15,808 as market turns green.

10:40 am: This stock held by Rakesh Jhunjhunwala rises after 10 days, gains 6% in early trade

Shares of Delta Corp rose 6 per cent today after HDFC Mutual Fund bought an additional 2.15 per cent equity stake in the company via open market transactions on June 10. With this transaction, the shareholding of the mutual fund in the company rose to 9.21 per cent against 7.06 per cent earlier. READ MORE

9:20 am: Top losers

TechM, Asian Paints, HDFC, HDFC Bank, Kotak Mahindra shares are the top Sensex losers, falling up to 1.88 per cent.

9:18 pm: Market opens lower

Sensex falls 138 points to 52,707 and Nifty loses 13 points to 15,761 in early trade.

9:07 am: Stock call

Punit Patni, Equity Research Analyst, Swastika Investmart Ltd on Tata Steel

“Tata Steel Ltd. is facing a double whammy of falling realizations and rising raw material prices, and as if that’s not bad enough, the government of India announced a 15% export duty on finished steel products. This has led to a major sell-off in the steel sector and Tata Steel Ltd. has witnessed a 35% correction from its 52-week high price. We believe that in the near term the stock will remain under pressure as the export duty has compelled steel makers to review their expansion plans and there is a high chance that the stock could further correct by 10%. . Nevertheless, the medium to long term outlook remains positive as the domestic demand remains positive due to government’s infrastructure spending, private Capex revival and rising housing demand. Further, China has decided to reduce steel production in the next decade to comply with the carbon emission norms and the developed nations are focusing on climate change and are planning to reduce the production of coal-based steel and increase the green steel production i.e. hydrogen and carbon-based steel. China curbing steel production and the rising  focus of developed countries on green steel will reduce the global steel supply in upcoming years, creating a great opportunity for Indian steel manufacturers to fulfill the supply deficit. Indian companies have competitive advantages in terms of the good availability of low-cost iron ore and cheap labor. So, investors can accumulate this stock for the medium to long-term time horizon, but the near-term outlook depends on how long the export duty stays.”

9:05 am: Expert take

Prashanth Tapse, Vice President (Research), Mehta Equities

“Overnight fall in the US markets and early weakness in SGX Nifty suggest bears will continue to attack Dalal Street, with the ground reality indicating that Nifty could drop to its March lows of 15671 mark. Global stock markets are seen tumbling and bond yields jumping as fears over inflation seen rattling investors around the world. The U.S. consumer prices rose 8.6% year-over-year in May, bolstering expectations that the Federal Reserve will continue to aggressively hike rates in the second half of this year, even with signs of economic slowdown. So, economic projections and Jerome Powell’s commentary will be closely watched on June 15th. The street is already expecting a 50 bps rate hike in the June policy meeting.”

8:36 am: Global markets crash

Asian shares tumbled on Tuesday after Wall Street officially entered bear market territory and bond yields hit a two-decade high on fears aggressive US interest rate hikes would push the world’s largest economy into recession. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9% early in Asia. Read More

8:32 am: Raghvendra Nath, Managing Director – Ladderup Wealth Management on CPI inflation data

“Inflation was going to stay outside RBI’s comfort zone as food and other commodity prices have continued to stay up. The reason behind inflation coming down to 7.04% from 7.79% m-o-m, was just due to a favourable base effect and the recent excise cuts on petrol. While a normal monsoon is expected this season, we may see some easing in the food prices in the months to come.”

8:26 am: Expert take

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

“Technically, if the Nifty breaks and closes below 15,700, it will be a major downside event for the market. In such a situation, the index would fall to the level of 15,500-15,400 in the short term. It is advisable to reduce a weak long position below the 15,700 level. Also, Bank Nifty could drop to 32,000 level if it ends below 33,500.”

8:20 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 87 points to 15,691. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Monday

The Indian market started the week on a negative note on Monday as US inflation in May spooked global markets. Sensex crashed 1,456 points to 52,846 and Nifty declined 427 points to 15,774 in the first trading session of this week.

The 30-stock index tanked 1,569 points intraday to 52,734 against the previous close of 54,303. Nifty fell up to 452 points to 15,749 against Friday’s close of 16,201.

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