Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets closed with losses after a volatile trading session that saw benchmark indices dance between gains and losses. Sensex fell 152 points or 0.29% to settle at 52,541 points while the NSE Nifty 50 index closed just below 15,700. Bank Nifty outperformed and India VIX ended in the red. Bajaj Finserv was up 4.24% as the best performing Sensex stock, followed by Bajaj Finance, Tata Steel, and L&T. In the red were NTPC, Infosys, Reliance Industries, and HUL.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Bears continue to dominate domestic markets as headline indices moved lower for the fourth day running on Wednesday. Sensex and Nifty danced between gains and losses but ended the volatile day in the red. Sensex fell 152 points or 0.29% to settle at 52,541 points while the NSE Nifty 50 index closed just below 15,700. Bajaj Finserv was up 4.24% as the best performing Sensex stock, followed by Bajaj Finance, Tata Steel, and L&T. In the red were NTPC, Infosys, Reliance Industries, and HUL. Bank Nifty outperformed and India VIX ended in the red. Tomorrow stock markets will react to the US Federal Reserve’s decision that is due to be out later today.
Sensex fell 152 points or 0.29% to settle at 52,541 points while the NSE Nifty 50 index closed just below 15,700. Bank Nifty outperformed and the India VIX index ended in the red.
“Markets now seem to be factoring in a 75 Bps hike by the US Fed today. Traders are currently pricing in a more than 90% chance of a 75 basis point hike, according to CME's Fed Watch Tool. The policy statement post the rate hike announcement will reveal how aggressive the central bank's policy path will be going ahead. The Dollar will soar further and equity markets will come under pressure if the Fed takes an aggressive stance for future rate hikes even if it hikes rates by 75 Bps today. Rising crude oil prices have also added to the Rupee’s woes as Brent crude oil prices hit a three-month high of $125.14/barrel yesterday. A breach of 78.30 levels will trigger further Rupee depreciation towards 78.55/78.75 levels,”
~ Emkay Global
With minutes left before the closing bell, Sensex and Nifty fell into the red territory after having danced between gains and losses for most of the day.
Bajaj Finserv and Tata Steel were the top gaining Sensex stock on Wednesday. While Bajaj Finserv was up 4.33%, Tata Steel share price gained 1.85%.
Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have sold Delta Corp shares this month, the ace investor informed the stock exchanges. In a filing on BSE, Rakesh Jhunjhunwala informed that he and his wife have sold 75 lakh equity shares of the company in the market over the last few days. The Delta Corp stock price has tanked 20% this month, extending its year-to-date losses to more than 30% now. The gaming and hospitality firm that owns and operates casinos and hotels under several brands has been part of Rakesh Jhunjhunwala’s portfolio for years now. The stock was trading at Rs 180 per share on Wednesday.
On S&P BSE Sensex, 2 stocks out of 30 scrips made a fresh 52-week low. Tata Steel share price fell to Rs 951.50 apiece, surpassing the previous low of Rs 987.65 apiece. Tech Mahindra stock price, too, made a new 52-week low of Rs 1,018.05 apiece, crossing the last low of Rs 1,020.50 apiece. while no stock hit a fresh 52-week high on S&P BSE Sensex. Read full story
“After reporting hotter than expected inflation reading last week, we feel that the US Fed will increase the policy rates at least by another 50bps this week. Already it has hiked the rate by 75bps since Mar. 2022. With inflation not peaking, we believe that another half point rate hike is possible next month. Knowing the negative impact on economic growth and the drivers of inflation, the US Fed is not likely to take an aggressive move of raising the rate by 75-100bps. The market has already factored-in another 50bps hike this week, thus higher than expected rate hike would bring negativity in the global equity markets,” said Rajnath Yadav Research Analyst Choice Broking.
India VIX, the volatility gauge, was down in the red on Wednesday. The index was below 22 levels.
Paytm share price jumped 3 per cent to Rs 624 apiece on BSE on Wednesday after the company posted strong operating performance in April-May. Paytm’s lending business witnessed rapid growth with a 471 per cent on-year surge in loan disbursals in two months ended 31st May. The stock price has been reeling under pressure ever since it listed on the stock exchanges in November last year. Paytm stock price has lost 60 per cent from listing price and more than 70 per cent from IPO price of Rs 2,150 apiece. Read full story
“Keeping in mind the level of inflation in the US, it is no brainer that the US Fed will hike the rate by 75-bps. But this is not the last 75bps hike we expect from the Fed. There is a very high probability that the Fed could hike by another 75-bps by July. Inflation is one primary concern that will keep the Fed on its toes; hence, we are likely to see a couple more hikes post-July as well,” said Sunil Damania, Chief Investment Officer, MarketsMojo.
It’s too late for the investors to take money off the table as stock markets might bottom in the next 4 weeks, Sandip Sabharwal, investment advisor, said, adding that it doesn’t make sense to exit now. In an interview with Surbhi Jain of FinancialExpress.com, Sabharwal also said that investors should wait before making new investments as things could become cheaper by another 10-15 per cent. From the current levels, there could be more downside on cards as analysts have not completely factored in the impact of high inflation, high interest rates and a possible slowdown in growth in their estimates. Sandip Sabharwal expects the risk reward to turn favorable around the 15000 level of NSE Nifty 50. Read full interview
Zomato stock price has plummeted 50% so far this year, erasing massive investor wealth as the scrip fell below the IPO price. Despite the fall in stock price, analysts at HSBC have maintained their ‘Buy’ call on the food delivery giant. HSBC has also maintained its target price of Rs 85 per share, which translated to a 21% upside from Wednesday’s opening price. HSBC said that synergies between Zomato’s Food Delivery (FD) and Instant Grocery business are key for the company. The global brokerage firm had upgraded the stock to a ‘Buy’ rating from ‘Hold’ earlier in May this year.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading in green on Wednesday, as globally yellow metal inched up from a near one-month low. On Multi Commodity Exchange, gold August futures were trading Rs 138 or 0.3 per cent up at Rs 50,345 per 10 gram. Silver July futures were ruling at Rs 59,916 per kg, up Rs 415 or 0.7 per cent on MCX. Globally, yellow metal prices inched up from a near one-month low as investors awaited a potentially aggressive and key interest rate hike announcement from the U.S. Federal Reserve as it seeks to combat inflation amid mounting fears of an impending recession. Read full story
Cabinet nod to conduct auction of spectrum for 5G telecom services: official statement (PTI)
“More than the quantum of the rate hike (50 or 75 bp) it would be the message from the Fed in today's policy announcement that would determine the market direction. The market is prepared for a 75bp rate hike and, therefore, that decision, if it comes, is unlikely to rattle markets. In India, relentless FPI selling is the major negative. With dollar index above 105 and US 10-year bond yield at 3.46 %, FPIs are likely to continue selling, pulling the market down from every rally. A sustained upward move in the market is possible only when the FPIs substantially reduce selling. The only sensible investment strategy in this scenario is to slowly accumulate high-quality stocks whose prices are depressed not because of poor fundamentals, but sustained FPI selling,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Shares in Asia-Pacific slipped in Wednesday morning trade following overnight losses on Wall Street as the S&P 500 fell deeper into bear market territory.The S&P 500 ended lower on Tuesday as the index was unable to bounce from a sharp sell-off in the prior session with a key policy statement from the Federal Reserve on deck that will reveal how aggressive the central bank's policy path will be. Crucial support for Nifty 50 is 15,500 while Nifty may face some resistance at 16,300,” said Mohit Nigam, Head – PMS, Hem Securities.
Sensex and Nifty turned red within minutes of opening bell. Nifty touched 15700.
Sensex rose 70 points or 0.15% on the opening bell on Wednesday morning. Nifty 50 was above 15,750. Bank Nifty was in the green while India VIX in the red.
Sensex and Nifty were trading flat with marginal losses at the end of the pre-open session on Wednesday.
Soaring prices continue to cause a grave concern as economies are sustainably emerging from the recurring waves of the COVID-19 pandemic. In 2020 and early 2021, when the price pressures were building up due to demand-supply imbalances, inflation was largely viewed as “transitory”. However, in the existing scenario, inflation can no longer be considered transitory. Evidently, central banks globally are increasing their policy rates at a faster pace than expected. However, the current drivers of inflation — the Ukraine-Russia war, EU sanctions, recurring lockdowns in China, extended supply chain bottlenecks, etc. — are well beyond the central bank's control. Thus, for 2022, the IMF has projected inflation at 5.7 per cent for advanced economies and 8.7 per cent for emerging economies, up 1.8 and 2.5 percentage points from its previous projections.
Sensex rose as the pre-open session began while the Nifty 50 was down with losses.
Technically, after a sharp decline, the NSE Nifty 50 is consolidating within a range of 15700- 15850 and BSE Sensex in 52600-53000 range. The short term formation is still on the weak side. And we are of the view that, if indices slip below the level of 15700 and 52600 they could hit the level of 15600-15550 and 52300-52100. On the flip side, 15850 for Nifty and 53000 for Sensex would act as an immediate hurdle for the bulls. Above which these could move up to 15950-16000 and 53300-53500. Read full story
The prices of petrol and diesel continue to remain unchanged on Wednesday as OMCs kept prices steady for the twenty-fourth day straight. Prices have remained undisturbed since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel earlier on May 21. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre prior to the cut in excise duty, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai, one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.
“Expect a bounce-back if yesterday’s low is not broken in the first half today. On the flip side, if we don’t sustain it, we may see another slide down to 15,500. Bank Nifty support zone is seen at 33,000 to 33,125 if defended today can trigger short-covering up-move,” said Rahul Sharma, Director & Head – Research, JM Financial.
LIC: LIC (Life Insurance Corporation of India) has increased its stake in non-banking finance company Capri Global Capital.
Wipro: Wipro is increasing its investment in Norway to help its clients capitalise on digital transformation. Read full story
“The market is placed at the crucial support zone of around 15700-15600 levels. But, the inability of bulls to show any significant upside recovery from the important support indicate chances of one more leg down to 15600-15500 levels before showing any significant upside bounce from the lows. Immediate resistance is placed at 15850 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The US FED outcome along with its commentary on Wednesday would set the tone for the near-term market direction. The high inflationary environment around the globe, fresh curbs in China and rising crude oil prices are likely to keep the markets under pressure for a while. On the domestic front, persistent selloff by FIIs, coupled with a weak rupee is further dampening investors’ risk appetite,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
SGX Nifty was trading flat ahead of Wednesday's trade. Nifty futures trading flat suggest a tepid start for Sensex and Nifty.
Wholesale price inflation spiked to 15.88% in May, the highest since September 1991 as a surge in price pressure in food and fuel overwhelmed a moderation in the dominant manufactured product segment. In April, the WPI inlfation was recorded at 15.08%. Inflation based on the wholesale price index (WPI) has remained in double digits for 14 months now, mirroring elevated global commodity prices, especially of oil, according to the official data released on Tuesday.