Carnage on D-street; inflation rattles all global market
Nifty Midcap and Smallcap ended with a loss of 2.66 per cent & 2.17 per cent, respectively.
Market update at 3.30 PM: In mid-afternoon trade, the market indices extended their losses and hit the day's low. Investor sentiment was harmed by weak global cues. Nifty 50 index fell below 15,850 points while BSE Sensex fell below 52,800 points. Dow Jones index futures in the United States plunged 414 points, indicating a bad start in the US stocks today.
Nifty Midcap and Smallcap ended with a loss of 2.66 per cent & 2.17 per cent, respectively.
BSE Metals and technology stocks were the most hit, losing more than 4 per cent each. No sector closed in the green today.
ITC, Power Grid Corporation of India, and Dr Reddy’s Laboratories emerged as the top gainers among Nifty stocks while Wipro, HCL Technologies, Infosys, TCS & Tech Mahindra stocks declined by more than 5 per cent each.
Market update at 1 PM: The benchmark indices slipped further into the red territory as the European market opens. All the sectoral indices are trading in the red with metal and IT indices plunging 4 per cent each.
Nifty is currently down by 397 points while Sensex tumbled 1,317 points. Sensex Midcap index fell 569 points while BSE Smallcap index dropped 582 points.
FTSE 100 opened lower by 1.28 per cent whereas Germany DAX index opened with a loss of 1.92 per cent.
Market update at 9.45 AM: Indian benchmark indices have declined sharply in the morning session. Sensex and Nifty plummeted 1.75 per cent & 1.79 per cent, respectively.
On BSE, all the sectors are trading in the red while only FMCG have gained by 0.25 per cent. India VIX is jumped by over 7 per cent.
ITC, Cummins India, and Expleo Solutions emerged as the top gainers of Sensex.
On the Nifty, big losers included JSW Steel, Tata Steel, Tech Mahindra, Wipro, and Hindalco Industries.
Pre-Market Update: The US market tumbled on Wednesday with one of the worst falls since 2020 after the Tuesday rally. Dow Jones Industrial Average plunged 3.57 per cent, S&P 500 slipped 4.04 per cent, and Nasdaq index tanked 4.73 per cent. The Asian markets opened in the red as well. Hang Seng index declined by 3.32 per cent, KOSPI inched lower by 1.62 per cent while Nikkei 225 went down by 2.37 per cent.
Meanwhile, Canadian inflation increased to 6.8 per cent last month, owing to higher food and shelter costs.
On May 18, FIIs sold equity worth Rs 1,254.64 crore while DIIs purchased equity worth Rs 375.61 crore.
Brent crude has decreased from $112 to $110 per barrel.
Meanwhile, the larger Indian markets may be off to a bad start with SGX Nifty futures plunging 2.01 per cent.