Sensex tanks 1,017 pts; Nifty holds 16,200; Bajaj Finance sinks 4%, RIL 3%

Stock market highlights: Over 35 Nifty stocks ended the session in the red with Bajaj Finance, HDFC, Kotak Bank, Hindalco, Wipro, Reliance Industries, Tech M, and Infosys falling between 2.5-4%

4:13 PM

Closing comment: US inflation data crucial to sense quantum of Fed rate hike

Rising inflation fears gripped the domestic market leading to heavy sell-off ahead of the release of US inflation data & Fed policy meet next week.

The inflation data will be crucial to sense the quantum of a rate hike.

European Central Bank, in its policy meeting, signalled to start rate hike from next month and a large change in September.

Persisted foreign fund outflow and widening trade deficit due to the elevated oil prices led to depreciation of INR, weakening the sentiment.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

 

4:11 PM

Market round-up view: Inflation, central bank measures critical in near-to-medium term

Indian equity markets ended the week on a negative note. Major key indices and sectoral indices declined during the week.

Amid persistent inflation, Central Banks continued with monetary policy tightening. RBI hiked repo rate by 50 bps to 4.9%. European Central Banks decided to end net asset purchases under its asset purchase programme and also signaled towards rate increase in its July monetary policy meeting.

Crude oil prices inched up with Brent crude trading above $120 per barrel mark. The US 10-year treasury yield again moved above 3%.

FIIs continued with their selling of Indian equities. Monsoon progress needs to watched out for as a good monsoon will calm concerns about further food inflation.

However, inflation, commodity price movement and Central bank measures are critical factors for market performance over the near to medium term.

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

 

4:08 PM

Nifty tech view: Weekly charts indicate more downside for the benchmark

The pessimistic mood across several global markets had a rub off effect on local equities as nagging issues like rising interest rate scenario, higher inflation levels and persistent FII selling spooked markets.

Bigger concerns of stagnating growth and its effect on corporate earnings going ahead is also making investors nervous, resulting in periodic selloffs.

Technically, after a long time, the Nifty closed below 20 day SMA and, on intraday charts, it is consistently forming a lower top formation which is largely negative.

On weekly charts the index has formed a long bearish candle indicating further downtrend from the current levels.

If the Nifty falls below 16150, it could slip up to 16000-15850 levels. On the flip side, a fresh pullback rally is possible only after the 16300 breakout. Above which, the index could move up to 16400-16500.
 

Views by Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities

 

4:04 PM

Ultratech Cement, NMDC, MOIL, Shree Cement hit 52-wk lows

4:01 PM

Rupee hits fresh all-time low for 3rd day; closes at 77.84/$

 

3:59 PM

IIFL Finance gains 7.6% as home loan arm inks Rs 2,200-cr deal with ADIA

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3:58 PM

Welspun Ent soars 7% on sale of road assets worth Rs 6000 cr

 

3:56 PM

Market breadth negative; 1300 stocks end up vs 2000 in red on BSE

 

3:53 PM

Top BSE losers: Swan Energy, Firstsource, Religare sink 5-7%

 

3:50 PM

All sectors drown in red: Nifty financials, IT, oil & gas indices crack 2% each

 

3:47 PM

Broader markets also decline; close with leaner losses vs benchmarks

 

3:44 PM

Nifty top 5 losers: Bajaj Finance, Kotak Bank, HDFC slip 4% each

3:42 PM

Nifty top 5 gainers: Grasim, Asian Paints, healthcare majors defy market mood

 

3:41 PM

Sensex Heatmap: Only 7 stocks hold ground; RIL, financials tumble

 

3:39 PM

Closing Bell: Nifty sheds 276 pts to close at 16,200 as investors await US CPI data

 

3:37 PM

Closing Bell: Sensex tanks 1,017 pts as global markets drop

 

3:23 PM

IndiGo to restore allowances for crew from July 31 as flight ops recover

The airline, which had made a partial reinstatement of salary for pilots, is yet to restore pre-covid salaries. Read here

 

3:15 PM

Now, life insurers can introduce products without Irdai's prior approval

Currently, all life insurance products and riders require prior approval of the insurance regulator before launch. Read more

3:07 PM

MARKET CHECK: Sensex 50 pts off day's low in fag-hours

2:57 PM

Indian crude oil basket hits 10-yr high; petrol, diesel prices unchanged

The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. READ HERE

2:51 PM

US equity futures mixed ahead of May inflation data

2:46 PM

Vadilal Industries hits record high in weak market; zooms 114% in 6 months

For the entire financial year 2021-22, Vadilal Industries reported nearly 10-fold jump in net profit at Rs 44.70 crore from Rs 4.63 crore in FY21. READ HERE

2:41 PM

Brent Crude inches up mildly, above $123 a barrel

2:36 PM

Nifty Energy drops 2%; Adani Green at bottom of the heap

2:30 PM

HDFC slides over 3% after lender hikes home loan rates by 50 bps

2:24 PM

Indian oil firms to compensate ethanol makers for higher energy costs

Indian state fuel retailers have agreed to provide monetary relief to sugar mills and other producers of ethanol to compensate for high energy costs to boost biofuel production. READ HERE

2:16 PM

European markets inch lower after ECB's rate hike plan

2:08 PM

Financial services stocks under pressure; Bajaj Finance sheds 3%

1:57 PM

BSE 500:: Volume Shockers

IIFL Finance has logged unusually high volume of around 8.4 lakh shares as so far on the BSE as against the five-day average volume of around 38,800-odd shares. Similarly, Gujarat Fluorochemical, Indostar Capital, Kansai Nerolac and IOL Chemicals were some of the other notable stocks to witness unusual volume in trades on Friday. 

1:40 PM

S&P BSE Sensex 30 Heatmap:: Financials, IT major losers