On the other hand, Bank nifty has support at 34500 levels while resistance at 35,800 levels. Palak Kothari, Research Associate at Choice Broking said, "Nifty may find support around 16240 levels while on the upside 16600 may act as an immediate hurdle. For Bank Nifty 3440 are immediate support and resistance respectively." On the technical front 16,10 are immediate support and resistance in Nifty 50. The European Central Bank raised its inflation projections once again on Thursday but cut its growth outlook as the conflict in Ukraine continues to weigh on confidence, consumption and investment. Nikkei is trading 1.27% lower whereas Kospi is down by 1.34%. Investors also looked ahead to US CPI data which is going to be released today. Mohit Nigam, Head - PMS, Hem Securities said, "Asian markets are trading on a negative note as Chinese inflation data for May came in largely in line with expectations. Top Sensex losers are Tata Steel, Wipro and TechM falling up to 3.25 percent.ĩ:19 am: Sensex falls 635 pts to 54,684 and Nifty loses 189 pts to 16,288. Calibrated buying on dips in high quality banking and IT stocks can fetch good returns to investors in the medium- term." Since banks have hiked lending rates immediately after the repo rate hike, they are likely to post good results in the coming quarters. Meanwhile, INR depreciation is becoming a tailwind for the IT industry. If it doesn't, markets will stage a rebound next week. If inflation data turns out to be worse-than-expected, equity markets will turn bearish. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Strengthening of the US 10-year bond yield to 3.05% can be interpreted as the market discounting worse- than- expected inflation data in the US on Friday. Sensex falls 750 pts to 54,570 and Nifty loses 209 pts to 16,268 in early trade. The Indian rupee hit a record low of Rs 77.84 per dollar against the previous close of Rs 77.76, falling 8 paise in trade today. The market cap of the firm rose to Rs 1.13 lakh crore. Total 9,299 shares changed hands amounting to a turnover of Rs 4.06 crore on BSE.
The stock has gained 20.16 per cent in 2022 and fallen 6.55 per cent in a year. Shares of Bajaj Auto are trading higher than 5-day, 20-day, 50-day, 100 day and 200-day moving averages. The auto stock opened with a gain of 2.14 per cent at Rs 3960 on BSE. The stock of Bajaj Auto climbed 2.29 per cent to Rs 3,965 against the previous close of Rs 3,876.90 on BSE. READ MOREīajaj Auto stock rose over 2 per cent amid a weak market today after the two-wheeler major said its board would meet on June 14 to consider a proposal for buyback of fully paid-up equity shares. Of 30 Sensex stocks, 23 were trading in the red. Banking, and information technology stocks were the top sectoral losers with BSE bankex and BSE IT indices slumping 505 points and 551 points, respectively.
Market breadth was negative with 1187 stocks trading lower against 1,826 stocks falling on BSE. On the downside 77.20 will continue to act as an important support in the short term."
We expect the USDINR (Spot) to trade with a positive bias and is gradually headed towards 78.50 levels. Expectation is that the Fed could continue to raise rates and maintain its hawkish stance. Dollar is getting support at lower levels ahead of US inflation number that will be released today and FOMC policy statement that is scheduled next week. Global crude oil prices have been rallying thereby putting pressure on inflation and leading to higher trade deficit. On the domestic front, RBI has been very actively intervening and curtailing the volatility for the rupee. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services said," Rupee hit its fresh all time low but in the last few sessions has been very resilient and is consolidating in a narrow range despite volatility in domestic and global equities and strength in the dollar against its major crosses. Sensex crashes 995 points to 54,324 and Nifty declines 275 points to 16,202 in the afternoon session. Kotak Bank, Bajaj Finance, HDFC, Wipro, TechM and RIL are the top Sensex losers today, falling up to 3.45 per cent. Sensex crashes 1,016 points to 54,303 and Nifty declines 287 points to 16,190 in the afternoon session.
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