Market Live Updates Today: Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 126 points.
image for illustrative purpose
The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 126 points.
The BSE Sensex fell 152 points to 52,541, while the Nifty50 declined 40 points to 15,692 and formed a small-bodied bearish candle which resembles the Inside Bar kind of pattern formation on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 15,653, followed by 15,613. If the index moves up, the key resistance levels to watch out for are 15,758 and 15,823.
The S&P 500 rallied on Wednesday to snap a five-session losing skid after a policy announcement by the Federal Reserve that raised interest rates to market expectations as the central bank seeks to fight rising inflation without sparking a recession.
The Federal Reserve raised its target interest rate by three-quarters of a percentage point, its biggest rate hike since 1994, and projected a slowing economy and rising unemployment in the months to come.
The Dow Jones Industrial Average rose 303.7 points, or 1%, to 30,668.53, the S&P 500 gained 54.51 points, or 1.46%, to 3,789.99 and the Nasdaq Composite added 270.81 points, or 2.5%, to 11,099.16.
Asian Markets
Asia-Pacific markets rallied on Thursday, tracking US stocks after the Federal Reserve raised benchmark interest rates 75 basis points in a move that equates to the most aggressive hike since 1994. Japan's Nikkei 225′s rose nearly 2%. In Australia, the S&P/ASX 200 was trading higher by about 0.6%. In South Korea, the Kospi index also went up by 1.61%.
Live Updates
- 16 Jun 2022 9:14 AM IST
Rupee dives 18 paise to fresh lifetime low of 78.22 per USD
The rupee plunged 18 paise to close at a new all-time low of 78.22 against the US dollar on Wednesday as a lacklustre trend in domestic equities and persistent foreign fund outflows weighed on investor sentiment.
Participants also stayed on the sidelines ahead of the US Federal Reserve's policy decision. At the interbank foreign exchange market, the local currency opened firm at 77.99 and finally settled at its all-time low of 78.22, down 18 paise over its previous close of 78.04.
- 16 Jun 2022 9:14 AM IST
Stocks under F&O ban on NSE
Three stocks - Indiabulls Housing Finance, RBL Bank, and Delta Corp - remained under the NSE F&O ban for June 16 as well. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
- 16 Jun 2022 9:13 AM IST
China's holdings of US Treasuries skid to 12-year low; Japan also cuts holdings
China's holdings of US Treasuries tumbled in April to their lowest since May 2010, data showed on Wednesday, with Chinese investors likely cutting losses as Treasury prices fell after Federal Reserve officials signaled sizable rate hikes to temper soaring inflation.
Chinese holdings dropped to $1.003 trillion in April, down $36.2 billion from $1.039 trillion the previous month, according to US Treasury Department figures. China's stock of Treasuries in May 2010 was $843.7 billion, data showed.
- 16 Jun 2022 9:11 AM IST
SEBI standardises nomination process for mutual fund investments
Nomination is an important element in all investments that you make. The Securities and Exchange Board of India (SEBI), the financial market regulator, too has instructed all mutual fund houses to take steps to ensure that the nomination is in place for all mutual fund investments.
Investors subscribing to mutual fund units on or after August 1, 2022, will have a choice to either furnish their nominations or to opt out of a nomination by submitting a request to that effect.
- 16 Jun 2022 9:09 AM IST
FII and DII data
Foreign institutional investors (FIIs) have net sold Rs 3,531.15 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 2,588 crore worth of shares on June 15, as per provisional data available on the NSE.
- 16 Jun 2022 9:07 AM IST
US retail sales stumble as inflation bites
US retail sales unexpectedly fell in May as motor vehicle purchases declined amid rampant shortages, and record high gasoline prices pulled spending away from other goods.
Retail sales dropped 0.3% last month. Data for April was revised lower to show sales increasing 0.7% instead of 0.9% as previously reported. Economists polled by Reuters had forecast retail sales gaining 0.2%, with estimates ranging from as low as a 1.1% decline to as high as a 0.5% increase.
- 16 Jun 2022 9:06 AM IST
Fed hikes 75 basis points; Jerome Powell says 75 or 50 likely in July
The Federal Reserve raised interest rates by 75 basis points -- the biggest increase since 1994 -- and Chair Jerome Powell signaled another big move next month, intensifying a fight to contain rampant inflation.
Slammed by critics for not anticipating the fastest price gains in four decades and then for being too slow to respond, Powell and colleagues on Wednesday intensified their effort to cool prices by lifting the target range for the federal funds rate to 1.5% to 1.75%.
He said another 75 basis-point hike, or a 50 basis-point move, was likely at the next meeting of policy makers. They forecast interest rates would rise even further this year, to 3.4% by December and 3.8% by the end of 2023. That was a big upgrade from the 1.9% and 2.8% that they penciled in for their March projections.
“Clearly, today’s 75 basis-point increase is an unusually large one and I do not expect moves of this size to be common,” he told a post-meeting press conference in Washington, remarks that were cheered in financial markets as he took the risk of a string of super-sized increases off the table.
