Share Market News Today | Sensex, Nifty, Share Prices LIVE: Benchmark indices opened gap-down with Nifty below 15,900 dragged by weak global cues. The Sensex was down 1,311.76 points or 2.42% at 52991.68, and the Nifty was down 373.20 points or 2.30% at 15828.60. All 30 Sensex stocks were in red with Bajaj Finance, Bajaj Finserv, ICICI Bank, SBI, IndusInd Bank, Reliance, Kotak Mahindra Bank, L&T, HDFC falling the most (down 3-4%). In the broader markets, BSE Smallcap index fell 2%. All sectors also held steep losses led by Nifty PSBs that cracked 4 per cent. Nifty Realty, Banks, Financials were the next top losers, sliding 3 per cent each.

“?Tracking dismal cues from the global markets amid a surge in the US headline inflation, the Nifty has fallen back near the 15670-15750 support zone. This is a critical support area for the index, as it has held firmly for the past three months. A break and sustainability below this zone would open the door for an extension of the decline towards 15000 levels. On the upside, 16000 now becomes the immediate resistance for the Nifty. This week is event-packed, with inflation data from India and Federal Reserve meeting scheduled to take place. Given the importance of these events, volatility is likely to remain elevated across the board. Hence, it would be prudent for one to remain light on positions and avoid any aggressive bets.”

What's dragging markets today?

US inflation: The US inflation hit a fresh 40-year high in May, accelerating to 8.6 per cent from a year ago and beating street estimates. The red-hot inflation extended Wall Street’s selloff on Friday.

Fear of aggressive rate hikes: After the latest US inflation data point – the US Fed will likely continue its aggressive interest rate increases to help cool high prices after their 2-day FOMC meet due on June 15. The rate hike fears sent US 10-year treasury yields above 3 per cent for the first time in three years.

Volatile crude oil prices: Oil extended losses for third straight day as investors anticipate further monetary tightening by the US Fed. Both Brent Crude and WTI Crude slipped 1.4 per cent to trade at $120 per barrel and $118 per barrel, respectively.

Indian inflation data: India will release retail inflation figures for the month of May on Monday, June 13. According to a Reuter's poll, economists expect the consumer price index (CPI) to slip 7.10 per cent in May from 7.7 per cent in April.

Rupee’s freefall and FII outflow: The Indian rupee fell to a record low of 78.15 against the US dollar on Monday on stronger demand for dollar, fear of rising interest rates by the US Fed, and volatile crude oil prices. India’s decline in foreign exchange reserve by Rs 30.6 crore in June also weighed on the domestic currency.