Sensex drops 509 points, Nifty ends above 16,050 points; IT, FMCG, metal drag

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Benchmark BSE and National Stock Exchange (NSE) stock indices ended nearly 1% lower on Tuesday, June 12, 2022, weighed by information technology (IT), moving consumer goods fast and metal stocks amid weak global signals.

The S&P BSE Sensex lost 508.62 points (0.94%) to end at 53,886.61, while the Nifty 50 lost 157.70 points (0.97%) to settle at 16,058.3 . Both indices had started the day on a weak note and traded low throughout the day, with Sensex hitting an intraday low of 53,824.97, while the wider Nifty touched 16,031.15.

On the Sensex pack, Infosys, Nestlé India, Power Grid Corporation of India, HCL Technologies, Hindustan Unilever (HUL), Mahindra & Mahindra, Kotak Mahindra Bank and Asian Paints were the big losers. In contrast, NTPC, Bharti Airtel and Bajaj Finance were the only winners.

Among NSE sector indices, Nifty Metal fell 1.22%, Nifty IT 1.16%, Nifty Media 1.15%, Nifty FMCG 1.14%.

In the broader market, the S&P BSE MidCap Index ended at 22,681.01, down 117.10 points (0.51%), while the S&P BSE SmallCap came in at 25,781.41. , down 135.00 points (0.52%). On NSE, the volatility index or India VIX rose 0.97% to 18.55.

Rate hike fears are back in global markets ahead of the CPI numbers. Inflationary pressures along with strong US jobs data would keep the Fed on course for rate hikes On the domestic inflation front, retail price inflation for the month of June is expected to come in at 7.03%, maintaining previous month’s levels. Virus cases in China forced crude to trade lower,” said Vinod Nair, head of research at Geojit Financial Services.

Global market

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Global stocks mostly fell on Tuesday after a Wall Street slump erased recent gains. US futures and oil prices also fell. Investors are on the lookout this week for updates on inflation and corporate earnings, as new coronavirus outbreaks add to jitters.

Equities in Europe fell in early trading. Benchmarks ended lower in Tokyo, Seoul, Hong Kong and Shanghai but rose slightly in Sydney.

France’s CAC 40 fell 0.5% in early trading to 5,965.08, while Germany’s DAX fell 0.9% to 12,718.93. Britain’s FTSE 100 edged down 0.3% to 7,176.30. Dow Jones and S&P 500 futures were 0.7% lower.

In Asian trading, Japan’s benchmark Nikkei fell 1.8% to 26,336.66. Australia’s S&P/ASX 200 gained nearly 0.1% to 6,606.30. The South Korean Kospi fell 1.0% to 2,317.76. Hong Kong’s Hang Seng fell 1.3% to 20,844.74, while the Shanghai Composite Index lost 1% to 3,281.47 on growing concerns over Covid-19.

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