17 Jun , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were trading volatile on Friday, on weak global cues. BSE Sensex was hovering around 51,000, while NSE Nifty 50 gave up 15,250. Reliance Industries, Tata Steel, NTPC, Bajaj Finance and ITC were the only gainers on S&P BSE Sensex. Dr Reddy’s. Wipro, Asian Paints, Tata Consultancy Services (TCS), Titan Company, Sun Pharma, Tech Mahindra were among top BSE Sensex laggards. Nifty Bank fell more than 0.5 per cent, Nifty Auto was down 1.1 per cent, Nifty FMCG lost 1.4 per cent, and Nifty IT was down 2 per cent.
The dominant theme impacting equity markets globally is the synchronised global monetary tightening and the consequent fears of economic slowdown. The probability of the US slipping into recession is much higher now. Markets are discounting these concerns. The PE of S&P 500 is now around 16, close to the long-term average. Europe is trading at around 11 times. Markets will bottom out earlier than the economy does. In India, valuations have declined, but are even now above long-term average. So, FPIs will continue to sell, capping a relief rally which can come any time. It is impossible to predict the market bottom.
In the options segment, 15000 put option now has decent open interest which is the immediate support. Below this, 14800-14600 will be seen as the next support zone for coming week. The broader trend for the market continues to remain negative as there’s no change in data as of now. In case if there’s any short covering seen by the stronger hands, then index could form a short term support base around the above mentioned supports.
BSE Sensex and NSE Nifty 50 fell to their fresh 52-week lows on Thursday, as bears wreaked havoc after the US Federal Reserve increased interest rates by 75 basis points, the biggest rate hike since 1994. Amid downfall, Nifty has breached the crucial support zone around 15650 levels i.e. March 2022 low, the next major support exists around 14,800-15,000 zone
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