Sensex Today: Market Closing Bell: Sensex back in the red after 2-day break, ends

Sensex Today LIVE: Indian shares fell on Wednesday after posting a near 2% jump in the previous session, as investors fretted over rising inflation and aggressive policy tightening by central banks. India’s 10-year benchmark yield was down marginally to 7.41%, from its previous close of 7.48%. Asian stocks fell in volatile trade, failing to extend an overnight Wall Street rally, while the Japanese yen hit a fresh 24-year low against the dollar. Metal stocks declined in India, after a short rebound on Tuesday, with the Nifty Metal index trading 3.2% lower.

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Wall St opens lower, Powell’s testimony to Congress in focus

US stock indexes opened lower on Wednesday after a rally in the previous session, with investor focus squarely on Federal Reserve Chair Jerome Powell’s congressional testimony for cues on interest rate hikes and the state of the economy.The Dow Jones Industrial Average fell 177.68 points, or 0.58%, at the open to 30,352.57.The S&P 500 opened lower by 30.90 points, or 0.82%, at 3,733.89, while the Nasdaq Composite dropped 127.35 points, or 1.15%, to 10,941.95 at the opening bell.

Tech view: Rupak De, Senior Technical Analyst at LKP Securities

Nifty slipped lower after a volatile trading session. On the higher end, 15500 remains a level of resistance. The trend is likely to remain weak as long as the Nifty remains below 15500. On the lower end, support is visible at 15300.

Equity markets reversed its initial week’s gains as investors worry over slower economic growth amidst rising inflation and rate hikes. Overall market trend remains weak hence we suggest to continue with ‘Sell on rise’ strategy for traders. The broader market too has been under pressure in the last few days on account of heavy FII selling. Concerns over premium valuation as well as higher impact of inflation on their profitability led to sharper fall in broader markets compared to large caps.

– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

On Thursday i.e.23th June, markets will first react to the Fed chairman speech scheduled tonight. Besides, progress on monsoon, crude price and currency movement will be key monitorable. We reiterate our cautious stance on the markets and expect volatility to remain high in the near term. Meanwhile, traders are advised to keep a hedge position while investors should focus on stock selection.

– Ajit Mishra, VP – Research, Religare Broking

The short-lived pull-back rally displays the level of uncertainty in today’s market. The weakness of the global market due to quantitative tightening pulled the market down. The US Fed Chair’s testimony later in the day will be keenly watched for clues about the central banks’ future dot-plot.

– Vinod Nair, Head Of Research at Geojit Financial Services

5 gainers & losers in today’s trades

Price as on 22 Jun, 2022 03:38 PM, Click on company names for their live prices.

SECTOR WATCH: Media, metal bleed the most

Closing Bell: Sensex back in the red after 2-day break, ends 710 pts lower; Nifty slips below 15,450; Hindalco tanks 7%, UPL 6%

Rupee fell towards fresh all time lows especially as the dollar rose against its major crosses. The greenback rose ahead of the Fed Chairman’s testimony. Expectation is that the commentary could be hawkish and that could support the dollar at lower levels. Pound fell sharply after UK CPI in May came in line with estimates. We expect the USDINR to trade sideways but with a positive bias quote in the range of 77.70 and 78.50.

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

GAIL to enter distributed LNG production business. The company has placed order for two small-scale liquefaction skids capable of producing LNG on a pilot basis

#StocksInNews | GAIL to enter distributed LNG production business. The company has placed order for two small-scale… https://t.co/KRDvmUWno1

— ET NOW (@ETNOWlive) 1655888503000

Copper futures slip amid muted demand

Copper futures on Wednesday fell by Rs 12.20 to Rs 730.15 per kilogram as participants cut their positions amid muted demand in domestic market.

On the Multi Commodity Exchange, copper contracts for June delivery eased by Rs 12.20 or 1.64 per cent to Rs 730.15 per kg in a business turnover of 2,914 lots.

Varun Beverages chairman Ravi Kant Jaipuria has settled with capital markets regulator Sebi a case related to alleged violations of insider trading rules after paying nearly Rs 56 lakh towards settlement charges.

Price as on 22 Jun, 2022 02:00 PM, Click on company names for their live prices.

European stocks retreat on weaker commodities, inflation fears

European stocks looked set to break a recent rally on Wednesday as a fall in oil and metal prices knocked commodity-related stocks lower, while surging UK inflation revived fears about slowing global growth. By 0718 GMT, the pan-European STOXX 600 had fallen 1.5% to hit a fresh low since February 2021, resuming a selloff that hammered global stocks last week. Oil & gas stocks tumbled 2.9%, mirroring a more than $6-a-barrel slump in crude prices, amid a push by U.S. President Joe Biden to bring down soaring fuel costs.

Market LIVE Updates: Five realty stocks that declined the most

Price as on 22 Jun, 2022 01:27 PM, Click on company names for their live prices.

Rupee hits fresh record low of 78.29 vs dollar

#MarketsWithETNOW | #Rupee hits fresh record low of 78.29 vs dollar #USDINR #RupeeVsDollar #MarketAlert https://t.co/ZQyWnPCtca

— ET NOW (@ETNOWlive) 1655882659000

BofA Sec slashes Dec-end target for Nifty50 to 14,500 pts from 16,000

#MarketsWithETNOW | BofA Sec slashes Dec-end target for #Nifty50 to 14,500 pts from 16,000 Take a look at the det… https://t.co/CioH7xpkEC

— ET NOW (@ETNOWlive) 1655881080000

ITI, MRPL, Crisil among top gainers on NSE

Price as on 22 Jun, 2022 12:23 PM, Click on company names for their live prices.

Nifty targets for FY23 have been scaled down but are technical indicators indicating a bounceback? Take a look at the valuation picture

#ETNOWInsight | #Nifty targets for FY23 have been scaled down but are technical indicators indicating a bounceback?… https://t.co/3cpzVOMKud

— ET NOW (@ETNOWlive) 1655878684000

Metal worst performing sector, down over 3%

Jain Irrigation hits 20% upper circuit on merger announcement

Shares of Jain Irrigation Systems hit an upper circuit of 20 per cent during the early trade on Wednesday amid reports of the merger of irrigation business with a subsidiary of Temasek. The company said that its global irrigation business will be merged with Temasek-owned Rivulis in a cash-and-stock deal, a move that will help the company reduce its consolidated debt by Rs 2,700 crore or around 45 per cent.

Delhivery Set to expand its infrastructural footprint in Greater Mumbai and Bangalore. Delhivery is collaborating with Welspun on a 7 Lakh sq ft mega-gateway in Greater Mumbai and with GMR for a 1 Million+ sq ft facility in Bangalore. The Bangalore facility also includes a warehouse for multi-channel order fulfillment for Delhivery’s customers.

Price as on 22 Jun, 2022 11:00 AM, Click on company names for their live prices.

NSDL eyeing to raise Rs 4,500 crore via IPO route

India’s first and biggest depository services company, National Securities Depository (NSDL) is eyeing to raise Rs 4,500 crore through its primary stake sale. NSDL has initiated talks with investment banks to launch an initial public offering (IPO), reported The Mint, citing two sources familiar with the matter. The company managed more than 2.76 crore investor accounts with a demat custody value of Rs 297.55 lakh crore, as of May 31, 2022. It has more than 89 per cent market share in terms of demat asset value.