Indian equity
benchmarks extended their losing streak for second straight session and ended
the Monday’s session on disappointing note, with Sensex and Nifty breaching
their crucial psychological 52,900 and 15,800 levels, respectively. Markets
started the week with a sharp decline and remained under pressure throughout
the session, as investors awaited inflation data later in the day, while global
markets plunged over fears of aggressive policy tightening by the US Federal
Reserve later this week.
Also Read | Retail inflation falls to 7.04% in May from 8-year high of 7.79% in April
The Nifty50 has
formed a long negative candle on the daily chart, reflecting a downtrend in the
market, according to Nagaraj Shetti, Technical Research Analyst at HDFC
Securities. The 50-scrip index is on the edge of crucial support at
15,650-15,700 levels, which raises hopes of a buy-on-dips opportunity, he said.
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Sensex fell 1456.74 points or 2.68% to 52,846.70 and the
Nifty was down by 427.40 points or 2.64% to 15,774.40 in the previous session. Sensex
touched high and low of 53,207.54 and 52,527.08, respectively. There were 1
stocks advancing against 29 stocks declining on the index. Nifty traded in a
range of 15,886.15 and 15,684.00. There were 2 stocks advancing against 48
stocks declining on the index.
Also Read | Week ahead: Inflation data, rupee movement to weigh on Sensex, Nifty
Broader Indices
The broader indices ended in red with the BSE Mid cap
index down by 2.73%, while the Small cap index was down by 3.15%. On the
sectoral front, IT was down by 3.92%, TECK down by 3.45%, Metal down by 3.39%,
Industrials down by 3.35%, PSU down by 3.34%, while there were no gaining
sectoral indices on the BSE.
India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of volatility
over the near term, rose 14.25% to 22.36 on Monday.
Also Read | Week in review: Sensex, Nifty fall as investors fear inflationary forecast
SGX Nifty
The trends on SGX Nifty indicate a flat opening for the
index in India with a 4 points gain. The Nifty futures were trading at 15,670.80 on the Singaporean Exchange around 07:20 hours
IST.
Support and Resistance levels
The key support
level for the Nifty is placed at 15,677, followed by 15,579. If the index moves
up, the key resistance levels to watch out for are 15,879 and 15,984, according to pivot
charts.
Also Read | Why US inflation is going up and when will it come down
US Markets
The S&P 500 fell 151.23 points, or 3.9%, to 3,749.63.
The Dow Jones Industrial Average fell 876.05 points, or 2.8%, to 30,516.74.
The Nasdaq fell 530.80 points, or 4.7%, to 10,809.23.
The Russell 2000 index of smaller companies fell 85.69 points, or 4.8%, to 1,714.59.
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Asian Markets
Asian markets ended sharply lower on Monday. The Nikkei 225 fell 3.01%, the Hang Seng fell 3.39% and the Shanghai Composite rose 0.89%.
European Markets
European markets ended lower on Friday, Germany’s DAX was down by 2.53%, France’s CAC 40 was down by 2.67% and London’s FTSE 100 was down by 1.53%.
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Major News Headlines
Retail inflation eases to 7.04% in May, but remains above RBI’s
tolerance level
Retail inflation
eased to 7.04% in May, mainly on account of softening food prices, though it
remained above the RBI’s upper tolerance level for the fifth consecutive month,
government data showed on Monday. The Consumer Price Index (CPI) based
inflation was 7.79% in April. In May 2021, the retail inflation stood at 6.3%. Inflation
in the food basket in May 2022 was at 7.97%, down from 8.31% in the previous
month, according to the data by the National Statistical Office (NSO). In the ‘fuel and light’ category, inflation
during the month softened a tad at 9.54% from 10.80% in April.
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Bajaj
Finance raises deposit rates up to 20 bps on various tenors
Bajaj Finance Limited on June 13 said it has raised fixed
deposit interest rates on various tenors – 24 to 60 months by up to 20 basis
points (0.20%). This will not include deposits of 44 months tenor, it added.
The revised rates are effective from June 14, 2022 an shall be applicable to
fresh deposits and renewals of maturing deposits, the lender said in a release.
Tata
Steel announces 7 million pound green investment plan for UK steel tube mill
Tata Steel has released a 7-million pound investment plan
for it s Hartlepool Tube Mill in north-east England that the steel major says
will cut carbon emissions, improve capacity and reduce costs to strengthen its
UK business.
Also Read | 5 reasons why Indian rupee had a great fall
Crompton
Greaves Consumer Electricals to raise Rs 925 through NCDs
The company said it plans to raise long-term funds up to
Rs 925 crore through the issuance of non-convertible debentures on a private
placement basis. The board of directors of the company at its meeting held on
June 13 also approved the buyback of rated, listed commercial paper aggregating
to up to Rs 600 crore, Crompton Greaves Consumer Electricals Ltd (CGCEL) said
in a regulatory filing.
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LAKSHMAN HEMA bought 66,000 shares in Destiny Logistics & I Limited at Rs 19.60 per share on the NSE.
GAURAV JAIN sold 2,21,677 shares in Debock Industries Limited at Rs 48.46 per share on the NSE.
VISTRA ITCL INDIA LIMITED sold 65,00,000 shares in Future Retail Limited at Rs 8.45 per share as per NSE.
SHRADDHA
BHAVIKKUMAR PARIKH sold 15,00,000 shares in Globe Textiles (I) Limited at Rs 6.65 per share as per NSE.
CHHEDA DEEPTI
PANKAJ bought 64,000 shares in Globesecure Techno Limited at Rs 51.77 per share as per NSE.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 4,164.01 crore, while domestic institutional investors
(DIIs) bought shares worth a
net Rs 2,814.50 crore in the Indian
equity market on June 13, as per provisional
data available on the NSE.
RBL Bank and Delta Corp are under the F&O ban for June 14. Securities in the
ban period under the F&O segment include companies in which the security
has crossed 95% of the market-wide position limit.
