Sensex today: Stock Market Highlights Today: Nifty forms bearish candle, defending 15,670 a must to avoid weakness

Equity benchmarks had another rough day on Monday, with the Sensex plummeting 1,457 points and the Nifty tumbling to the 15,774 level, mirroring an extremely weak trend in global markets along with unrelenting foreign fund outflows. Index majors ICICI Bank, Infosys and Reliance Industries bore the brunt of heavy selling. The 30-share BSE Sensex tumbled 1,456.74 points or 2.68 per cent to settle at 52,846.70. During the day, it plummeted 1,776.36 points or 3.27 per cent to 52,527.08. The Nifty tanked 427.40 points or 2.64 per cent to close at 15,774.40.

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Wall Street opens lower, S&P 500 on pace to confirm bear market

The selloff in global stocks sent the S&P 500 careening more than 20% from its January record as speculation that a more aggressive Federal Reserve policy to combat hot inflation could sink the economy into a recession. Treasury yields surged to multi-year highs and the dollar strengthened versus major peers.

The Dow Jones Industrial Average dropped 600 points, or 1.9% after it posted its worst week since January. The S&P 500 fell 2.4% and the Nasdaq Composite tumbled 2.8%.
The S&P 500 is off nearly 21% from its record, back into bear market territory after trading there briefly on an intraday basis about three weeks ago.

Tech View: Defending 15,670 a must to avoid Nifty50 weakness

Nifty50 on Monday formed a bearish candle on the daily chart, with a long lower wick, suggesting recovery from intraday low of 15,684. The index has been seeing a strong support near 15,670 since March and analysts see it as make-or-break level. A breach of it may bring downside towards 15,500-400, they warned.

Rupee falls 20 paise to close at record low of 78.13 against US dollar

The rupee plunged 20 paise to close at an all-time low of 78.13 against the US dollar on Monday, as a lacklustre trend in domestic equities and stronger greenback overseas weighed on investor sentiments.

Forex traders said weak Asian currencies and persistent foreign capital outflows were the other major factors that dragged the local unit down.

At the interbank foreign exchange market, the local currency opened at 78.20 and witnessed an intra-day high of 78.02 and a low of 78.29 against the US dollar.

The local unit finally settled at its all-time low of 78.13, down 20 paise over its previous close.

All eyes would be on the CPI data to be released today evening. Moreover, the US Fed meet on Wednesday would induce further volatility. Nifty has almost retested the March 2022 low i.e. around 15,671 levels and its breakdown would pave the way for further decline towards 15,450 levels. In case of a rebound, the 15,900-16,200 zone would act as a hurdle. We recommend using rebound to create shorts in the index until we see some sign of reversal. Stocks, on the other hand, are offering opportunities on both sides so plan accordingly.

– Ajit Mishra, VP – Research, Religare Broking

NIFTY TECH VIEW

Nifty remained under selling pressure as it slipped below the 16000 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 15670 may resume the selling pressure in the market. On the higher end, resistance is visible at 16000/16200.

— Rupak De, Senior Technical Analyst at LKP Securities

Volatility in rupee remained low even after the release of RBI policy statement. The central bank in line with estimates remained hawkish and raised rates by 50bps. MPC voted unanimously to remain focused on withdrawal of accomodation to ensure inflation remains within target. Inflation forecast for the year was also raised to 6.7% compared to 5 7% forecasted earlier. Major crosses remain under pressure following broader strength in the dollar. Today focus will be on the ECB policy statement and hawkish comments could restrict major weakness for the Euro. We expect the USDINR to trade with sideways and quote in the range of 77.40 and 78.05.

– Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

The correction in the global markets is due to a double whammy of upcoming policy rate hikes and cuts to the central bank’s balance sheet. Higher-than-expected US inflation data added fuel to the already wrecked market which was factoring in a 50bps hike in the Fed rate. The weakened rupee, persistent FII selling along with the anticipation of elevated domestic CPI numbers gripped domestic markets in fear. We will continue to trade with high volatility, however medium to long-term risk takers, should start chip-in to the market because this could be in the last phases of the consolidation.

– Vinod Nair, Geojit Financial

All sectoral indices bleed; IT emerges as worst performer

Sensex Heatmap: Barring Nestle, all stocks end in the red

TOP LOSERS: Bajaj Finserv, Bajaj Finance and IndusInd Bank

Closing Bell: Sensex ends with 1,457-pt cut as global stocks bleed; Nifty settles below 15,800; Bajaj twins tank up to 7%

The global as well as Indian equities has witnessed sharp correction recently amid the worries over US inflation and possible aggressive Fed policy tightening while Covid-19 warning from Beijing has also added to concerns about global growth. Investors also await consumer inflation data in India. On the equity market outlook, while we believe volatility may remain in the near term, the recent trough gives an opportunity to the long-term investors to load up on quality companies with sustainable growth visibility. On the medium term, we continue to remain constructive on domestic consumption, capital goods and allied space and domestic manufacturing plays.

– Pankaj Pandey, Head – Research, ICICIdirect

No one knows where the bottom is. However, 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. Therefore, if you are fearful of entering the markets right now, the time to start turning greedy may not be too far away.

– Rahul Shah, Co-Head of Research, Equitymaster

Bitcoin slumps under $25,000, lowest in 18 months

Bitcoin tumbled Monday to an 18-month low under $25,000 as investors shunned risky assets in the face of a global markets selloff. The world’s most popular cryptocurrency dived about 10 percent to hit $24,692 in morning London deals, striking a level last seen in December 2020.

RBL Bank, JSW Energy, Sunteck among top losers on NSE

Price as on 13 Jun, 2022 02:37 PM, Click on company names for their live prices.

Sensex top drags: RIL, ICICI Bank, Infy

Nifty slips below 15,700

Sensex Today LIVE: Index extends slide, down over 1,600 points

Amid market crash, analysts are betting on these 7 stocks for short-term returns

Turbulence in domestic markets is showing no signs of abating. Thanks to inflationary worries and recession fears, investors’ portfolios are in deep red. Yet this volatility can provide traders with enough opportunities to make money in the near term on both buy and sell sides. Based on recommendations from the brokerage firms, here are seven stocks which can deliver handsome returns in near future.

HSBC sees slower india rate hikes by year-end on growth worries

India’s central bank may slow down the pace of its monetary tightening by the end of the year as economic growth will lose momentum with waning demand, according to HSBC Holdings Plc. “RBI will not be that aggressive toward the end of the year because growth will begin to slow then and it is very conscious about the sacrifice ratio,” HSBC’s Chief India Economist Pranjul Bhandari said in an interview to Rishaad Salamat and Haslinda Amin on Bloomberg TV Monday. “When you hike rates too much then it starts hurting growth.”

Three things investors should do as market crashes today

Market correction can be utilized as a good opportunity for investors to rejig its portfolio.

Focus on how in the past these deep corrections may have given us the opportunity to position our self for profitable trade/ investing. If we look around us we will find many businesses whose prospects look good in these difficult time. Use this time to invest in top company/ leaders from these sector/ sus sector

Many times, we miss to add some of the stock we like very much. In this correction we get opportunity to acquire these stock as much reasonable valuation.

Exit from the stock where you are not confident about future growth trajectory or there are concerns due to change in macro environment.

Asutosh Mishra, Head Of Research, Institutional Equity, Ashika Group

“2022 will be a weak year for markets. Should be prepared for zero returns over the next 12 months” says Mahesh Nandurkar of Jefferies

#StockMarketCrash | "2022 will be a weak year for markets. Should be prepared for zero returns over the next 12 mon… https://t.co/W9SMUxPAY8

— ET NOW (@ETNOWlive) 1655093458000

Market LIVE Updates: These stocks defy market mood to rally up to 8%

Price as on 13 Jun, 2022 12:23 PM, Click on company names for their live prices.

Jeweller Rajesh Exports has agreed to invest $3 billion in India’s southern Telangana state to set up the country’s first electronic-display plant, the state government said late on Sunday; stock up 7%

Price as on 13 Jun, 2022 11:55 AM, Click on company names for their live prices.

Investor wealth tumbles over Rs 5.47 lakh cr in early trade

Equity investors became poorer by over Rs 5.47 lakh crore in early trade on Monday amid an extremely weak trend in the broader market with the Sensex plunging over 1,500 points. The 30-share BSE benchmark tanked 1,568.46 points to 52,734.98 in early trade. The broader NSE Nifty slumped 451.9 points to 15,749.90.

Market View: Current uncertain times are best to lap up such quality stocks

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 the 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.

— Santosh Meena, Head of Research, Swastika Investmart

Biggest risk for the market right now is DII selling, this could happen in FD rates go up to 8-9%

– Ajay Srivastava of Dimensions Corporate Finance Services

Nifty50 stocks that hit new 52-week lows amid stock market crash

NCLAT dismisses Amazon’s appeal against suspension of transaction with Future Group

The National Company Law Appellate Tribunal (NCLAT) dismissed Amazon’s appeal against suspension of transaction with Future Group and upheld Rs 200 crore penalty imposed by CCI. It has directed Amazon to pay the amount within 45 days. Amazon can challenge the NCLAT order in the Supreme Court.

BSE Bankex worst sectoral performer, tanks over 3%

All index constituents in the red
ICICI, Kotak and HDFC Bank top drags

Market LIVE Updates: Nifty extends slide, nears 15,750 mark

Tracking dismal cues from the global markets amid a surge in the US headline inflation, the Nifty has fallen back near the 15670-15750 support zone. This is a critical support area for the index, as it has held firmly for the past three months. A break and sustainability below this zone would open the door for an extension of the decline towards 15000 levels. On the upside, 16000 now becomes the immediate resistance for the Nifty.

– Abhishek Chinchalkar, CMT Charterholder & Head of Education, FYERS

Market LIVE Updates: LIC tumbles 4% as anchor lock-in ends

Shares of Life Insurance Corporation (LIC) of India fell for the tenth straight session on Monday. The 30-day lock-in for anchor investors ended today and the stock is now down over 28 per cent as against its issue price of Rs 949. Anchor investors, who collectively bought nearly 59.3 million shares a day before the IPO opened for subscription at Rs 949 apiece, can sell their shares in the open market from Monday.

10-year bond yields hits over 3-year high

The benchmark 10-year bond yield was trading at 7.60%, its highest since Feb. 28, 2019. Yield had ended at 7.52% on Friday.

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.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Voda Idea, RBL Bank, YES Bank among most active stocks on NSE

Price as on 13 Jun, 2022 09:33 AM, Click on company names for their live prices.

Sea of red….

Sensex Heatmap: Only 2 index stocks trade on positive note

OPENING BELL: Sensex dives 1,300 points on global selloff, Nifty below 15,850; RBL Bank plunges 10%

Weak global sentiments and weak Asian and European currencies have allowed the rupee to open below 78 after RBI ensured it did not cross 77.70. Have to watch RBI as to how it behaves in the next few days. Crude is below 120 which is just a bit of consolation as Chinese demand and recession prospects worry investors. Exporters may sell near to 78.20 as a 40 paise gap up gives that opportunity. Importers need to wait below 78.00 to buy their near-term imports.

– Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors

RECORD LOW | RUPEE DROPS PAST 78 PER DOLLAR FOR FIRST TIME

Asian stocks slump amid risks from US CPI

Asian stocks sank on Monday and bond yields ticked higher, as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening, and a COVID-19 warning from Beijing added to concerns about global growth. Chinese blue chips dropped 0.84%, and Hong Kong’s Hang Seng suffered a 2.9% slide. Japan’s Nikkei slumped 2.78%, and South Korea’s Kospi declined 2.78%.

Yen falls to fresh 20-year low against US dollar

The yen fell to a fresh 20-year low against the dollar on Monday, as red hot U.S. inflation data drove up Treasury yields, diminishing the boost it got from speculation Japanese authorities could intervene to support the currency. The dollar climbed 0.43% on Monday to 135 yen, a 20-year peak, and edging closer to the 2002 high of 135.20.

SGX Nifty signals a gap-down start

Nifty futures on the Singapore Exchange traded 318.5 points, or 1.97 per cent, lower at 15,866.50, signaling that Dalal Street was headed for a negative start on Monday.

Q4 results today

Rainbow Foundations, Aroma Enterprises (India), Corporate Courier & Cargo and Ind-Agiv Commerce are among companies which will announce their quarterly earnings today.

Tech view: 16,000-16,400 expected to be short-term range for Nifty

The bias is likely to remain weak as long as the index remains below 16,400. On the lower end, support is pegged at 16,200; a decisive breakdown below 16,200 may induce selling pressure in the market.

Oil slides on Beijing COVID warning, inflation concerns

Oil prices slipped more than $2 on Monday as a flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China’s fuel demand, while worries about global inflation and economic growth further depressed the market. Brent crude futures fell $2.06, or 1.7%, to $119.95 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $118.54 a barrel, down $2.13, or 1.8%.

Tokyo shares open lower on inflation worries

Tokyo shares opened down Monday, as global inflation worries escalated on fresh US data and drove down Wall Street, especially high-tech issues. The benchmark Nikkei 225 index fell 2.63 percent, or 731.04 points, to 27,093.25 in morning trade, while the broader Topix index lost 2.05 percent, or 39.86 points, to 1,903.23.

Wall Street suffers biggest weekly loss since January

US stocks posted their biggest weekly percentage declines since January and ended sharply lower on Friday as a steeper-than-expected rise in US consumer prices in May fueled fears of more aggressive interest rate hikes by the Federal Reserve. The Dow Jones Industrial Average fell 880 points, or 2.73%, to 31,392.79; the S&P 500 lost 116.96 points, or 2.91%, to 3,900.86; and the Nasdaq Composite dropped 414.20 points, or 3.52%, to 11,340.02.

Rupee slips 19 paise to 77.93 against US dollar

The rupee tumbled 19 paise to close at a fresh lifetime low of 77.93 against the US dollar on Friday as rising crude oil prices and unabated foreign capital outflows soured sentiment. A sell-off in equity markets and stronger greenback overseas also weighed on the domestic unit.

Sensex, Nifty on Friday

Dragged by a sell-off in IT and bank stocks, the BSE benchmark Sensex cracked 1,016.84 points to close at 54,303.44. Its broader peer, the Nifty 50, settled 276.30 points or 1.68 per cent lower at 16,201.80. The index has logged its worst week in a month.