15 Jun , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets witnessed a volatile opening on Wednesday as Dalal Street danced between gains and losses. S&P BSE Sensex started with gains but soon turned red, hovering around 52,600. NSE Nifty 50 index was holding above 15,700 but was volatile. Bank Nifty was up 0.20% while India VIX neared 22 levels again. Hindustan Unilever was the worst-performing Sensex stock, down 1.6%, followed by Reliance Industries, Bharti Airtel, and HDFC. Mahindra & Mahindra, Bajaj Finserv, Tata Steel, and Bajaj Finance were the top gainers.
While retail inflation based on the CPI fell in May, the wholesale price inflation (WPI) spiked to 15.88% in May, the highest since September 1991. The up-move in inflation has been caused by a surge in price pressure on food and fuel. In April, the WPI inflation was recorded at 15.08%. WPI has lingered in the double-digit territory for 14 months now. “The continued rise in WPI through May means the RBI has no respite on the inflation front, as wholesale price inflation hits a three-decade high,” said economists at Barclay’s. “We expect supply shortages and price increases in a number of input goods to keep domestic inflation high, setting the stage for further policy tightening by the RBI,” they added.
“More than the quantum of the rate hike (50 or 75 bp) it would be the message from the Fed in today's policy announcement that would determine the market direction. The market is prepared for a 75bp rate hike and, therefore, that decision, if it comes, is unlikely to rattle markets. In India, relentless FPI selling is the major negative. With dollar index above 105 and US 10-year bond yield at 3.46 %, FPIs are likely to continue selling, pulling the market down from every rally. A sustained upward move in the market is possible only when the FPIs substantially reduce selling. The only sensible investment strategy in this scenario is to slowly accumulate high-quality stocks whose prices are depressed not because of poor fundamentals, but sustained FPI selling,”
“Shares in Asia-Pacific slipped in Wednesday morning trade following overnight losses on Wall Street as the S&P 500 fell deeper into bear market territory.The S&P 500 ended lower on Tuesday as the index was unable to bounce from a sharp sell-off in the prior session with a key policy statement from the Federal Reserve on deck that will reveal how aggressive the central bank's policy path will be. Crucial support for Nifty 50 is 15,500 while Nifty may face some resistance at 16,300,”
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