07 Jun , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading nearly 1 per cent down on Tuesday. BSE Sensex tanked over 550 points to 55115, while NSE Nifty 50 fell below 16450, down 158 points. Only Reliance Industries Ltd (RIL), and Axis Bank were trading in the green. Top index losers were Titan Company, Asian Paints, Hindustan Unilever Ltd (HUL), Sun Pharma, Kotak Mahindra Bank, Dr Reddy’s Laboratories, Mahindra & Mahindra (M&M). Except for Nifty PSU Bank and Nifty Oil & Gas indices, all the sectoral indices were ruling in the negative territory. Nifty Bank index fell 0.7 per cent to 35,056.65.
Only five Sensex constituents were in the green on Tuesday morning. NTPC was the top gainer on Sensex, up 0.84%, followed by Reliance Industries, SBI, Power Grid, and IndusInd Bank.
The key point to highlight is that on past three out of five sessions index bounced from the earlier range breakout zone of 16400 coincided with a positive gap area recorded in last week (16352-16438), highlighting elevated buying demand emerging from immediate support of 16400 as per the change of polarity concept.
We remain positive on the Automobile sector and expect sustained demand recovery moving forward. From OEMs under our coverage, we expect the following stocks to perform well: Hero Motocorp, Bajaj Auto, and TVS Motors in the 2W segment, Maruti Suzuki in the PV segment, and Ashok Leyland in the CV space
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.
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