Sensex Today Live: Indian shares dropped early on Tuesday as domestic investors awaited a central bank interest rate decision, while global investors were nervous ahead of U.S. inflation data and key rate decisions in Europe and Australia. Indian stock markets have seen volatile moves in the past week as worries build over stubbornly high inflation, with the Reserve Bank of India expected to follow up its unscheduled rate hike in May with another move at the policy meeting on Wednesday.
ONLINE INCOME OPPORTUNITIES
!1 New UpdateClick here for latest updates
Tech leads Europe shares lower on tighter monetary policy fears
European shares fell on Tuesday as investors worried about the squeeze to economic growth from aggressive monetary policy tightening by central banks in a bid to tame rising inflation. The pan-European STOXX 600 index fell 0.5%, giving back half of Monday’s gains, with tech shares leading declines. Australia’s central bank raised interest rates by the most in 22 years and flagged more tightening to battle rising prices. This comes as investors await a European Central Bank (ECB) meeting and U.S. inflation data this week.
Market LIVE Updates: HG Infra bags Rs 4971 crore order; stock jumps
STOCK IN FOCUS: Infosys
"Issue relating to the search functionality of the e-filing website has come to our notice. @Infosys has been direc… https://t.co/lJlPMG6BDO
— ET NOW (@ETNOWlive) 1654587049000
Retail investors acting like shock absorbers in stock market: FM
Amid continuing volatility in the stock market, Finance Minister Nirmala Sitharaman on Tuesday said retail investors seem to act as shock absorbers even when foreign portfolio investors went away. Speaking at an event of the corporate affairs ministry as part of the Azadi ka Amrit Mahotsav, Sitharaman said that during the pandemic, there has been a very significant increase in retail investor numbers.
We believe India’s highly underserved life insurance market is still in its infancy and is well-positioned to capitalize on the enormous growth potential. LIC has a number of competitive advantages, including a strong brand value, a massive network of agents, and an enviable distribution network. So, investors with a long-term view can buy this stock at CMP and follow a buy on dip strategy.
– Santosh Meena, Head of Research, Swastika Investmart
Top 5 losers on NSE in early afternoon session
Price as on 07 Jun, 2022 12:37 PM, Click on company names for their live prices.
Nifty Realty tanks nearly 2%; IB Realty down 3%
Market LIVE Updates: BSE Consumer Durables index cracks nearly 3%; Titan, Havells among top losers
GLOBAL MARKET CHECK: US futures trade weak
#MarketsWithETNOW | Nasdaq 100 futures extend loss to session low of 1% #StockMarket #StocksToWatch #NASDAQ https://t.co/jtqZ5MfgjD
— ET NOW (@ETNOWlive) 1654579717000
Market LIVE Updates: Bank Nifty slips below 35,000 mark
LIC hits all-time low as incessant selling pushes stock close to Rs 750 level
It seems there is no end to the selling in shares of Life Insurance Corporation (LIC) of India. The stock plunged further 2 per cent to its all-time low levels on Tuesday, which is the sixth straight day of selling in the counter. On BSE, the stock plunged to a low of Rs 757.10, down about 20 per cent from the IPO price of Rs 949. With this fall, the market cap of the company declined to Rs 4.8 lakh crore.
MRPL, ONGC among top stocks that defied market mood to rally up to 16%
Price as on 07 Jun, 2022 11:10 AM, Click on company names for their live prices.
Sensex today LIVE: Index extends slide, down 600 points
SMART TALK: Easy liquidity days over: Niraj Kumar, Future Generali India
#SmartTalk: New investors that have forayed in markets in the post #Covid era should be mentally prepared to see so… https://t.co/Lq2wPHxvGM
— ETMarkets (@ETMarkets) 1654576798000
Moody’s maintains stable outlook for global metal & mining sector
“We expect prices and EBITDA to remain historically high. The aggregate EBITDA decline will be driven by steel (non-US) and iron ore producers as their earnings are decreasing from unsustainably high levels because of high energy and input costs. EBITDA will rise for other commodity producers, supported by continued high prices,” said Barbara Mattos, Senior Vice-President, Moody’s Investors Service.
Rupee edges towards all-time low vs dollar as US 10-year yield surges past 3%
- The rupee weakened versus the greenback on Tuesday as speculation of the Federal Reserve raising rates aggressively sent yield on the US 10-year bond surging past the 3 per cent market.
- The sharp rise in US bond yields led to a global strengthening of the greenback, with the dollar index climbing to 102.69 on Tuesday. The index was at 102.10 at the end of the previous week.
- The partially convertible rupee was last trading 77.7000/$1 as against 77.6400/$1 at previous close. The Indian currency was a stone’s throw away from its record intraday low of 77.7850/$1 touched on May 17. The rupee had settled at an all-time low closing level of 77.7250/$1 on May 19.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The market direction is likely to be influenced more by the inflation in the US, which, in turn, will decide how far the Fed will go in raising rates. This will be the key determinant of possible ‘risk on’ or ‘risk off’ in equity markets globally.
A rising rate scenario will improve the margin of the banking sector since deposit rates lag lending rates. The most attractively valued segment in the market now is financials, particularly banking.
ET NOW: Sources say prices not updating for certain stock futures
Block deal in PB FINTECH: 37.4 lakh shares changed hands; stock down 9%
Market LIVE Updates: Future Retail, Voda Idea, YES Bank, Adani Power among most active stocks in early trade
Price as on 07 Jun, 2022 09:25 AM, Click on company names for their live prices.
Sector Watch: All indices trade on a weak note
Sensex Heatmap: Only 2 index stocks trade in the green
OPENING BELL: Sensex tanks 500 points, Nifty below 16,450; Titan down 4%, HUL 2%
Asian shares trade mostly lower
Asian stocks opened mostly lower after the yen trended lower, offering tailwind to exporters, while investors eyed rising US yields. Markets followed a strong run-up the day before, with traders awaiting the release of key US and Chinese inflation data later in the week. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.94 per cent.
Tokyo shares open higher as yen heads south
Tokyo shares opened higher Tuesday as the yen trended lower, offering tailwind to exporters, while investors eyed rising US yields. The benchmark Nikkei 225 index added 0.19 percent, or 53.35 points, to 27,969.24 in morning trade, while the broader Topix index rose 0.56 percent, or 10.79 points, to 1,949.90.
Q4 results today
Genesys International Corporation, Bombay Rayon Fashions and Polo Hotels are among companies which will announce their quarterly earnings today.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 101 points, or 0.61 per cent, lower at 16,471, signaling that Dalal Street was headed for a negative start on Tuesday.
Tech View: Nifty moving to 16,800 in near term
16,400 has been acting as a critical support for the short term. The short term stance continues to be positive as long as the Nifty stays above 16,400 on a closing basis. Thus, the index is expected to test 16,800 on the upside with a potential to stretch till 17,000 subsequently.
Oil edges higher on relaxed China COVID curbs
Oil prices inched higher on Tuesday on expected demand recovery in China as it relaxed tough COVID curbs and doubts a higher output target by OPEC+ producers would ease tight supply. Brent crude futures were up 19 cents, or 0.2%, at $119.70 barrel at 0050 GMT.
US stocks end choppy session slightly higher on Monday
US stocks ended a choppy session slightly higher on Monday, helped by gains in Amazon.com and other mega-cap growth shares, while persistent worries over inflation and interest rates kept a lid on the market. The Dow Jones Industrial Average rose 16.08 points, or 0.05%, to 32,915.78, the S&P 500 gained 12.89 points, or 0.31%, to 4,121.43 and the Nasdaq Composite added 48.64 points, or 0.4%, to 12,061.37.
Rupee gains 2 paise to close at 77.64 against US dollar
The rupee inched up 2 paise to close at 77.64 against the US dollar on Monday, tracking a weak American currency in the overseas market. However, surging crude prices, unabated foreign capital outflows and subdued domestic equities capped the appreciation bias in the rupee, forex dealers said.
Sensex, Nifty on Monday
Bulls failed to shake off the Monday blues as domestic benchmark indices settled the session in the red as caution gripped the Street. The 30-share pack Sensex settled 93 points lower at 55,675.32. Its broader peer, Nifty50, slipped to 16,570 levels.