Jun 16, 2022
As investors began digesting the implications of the US Fed's rate hike roadmap and dovish commentary to fight inflation, Sensex plunged over 1,000 points and Nifty hit a new 52-week low of 15,335.10.
Image Source: BCCL
The mood on Dalal Street was clearly bearish as out of 3,474 stocks traded on BSE, a vast majority of 2,754 stocks ended in the red
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Investors turned poorer by about Rs 5.5 lakh crore as the market cap of BSE-listed firms dropped to Rs 239 lakh crore.
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A total of 317 stocks hit 52-week lows including Tata Steel, Tech Mahindra, Wipro, IndusInd Bank, Bajaj Finance among others.
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While hiking the interest rate by 75 basis points to a target range of 1.50-1.75 per cent, the Fed downgraded its US growth forecasts for 2022 and 2023 but remained adamant there would be no recession.
Image Source: AFP
Data showed foreign investors have sold equities to the tune of Rs 1,92,104 crore so far this calendar. This includes Rs 24,949 crore worth of FPI sold in June so far.
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The fall in Nifty was in tune with what's happening in markets globally. Most Asian stocks erased gains. US futures were trading 2 per cent lower.
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Market experts are worried about whether the Fed's rate hike plan would be able to control inflation and whether it would lead to a recession.
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The March low of 15,671 had not been breached on a closing basis for three straight sessions. Nifty50 has not only breached that level intraday, but has also tested its support of 15,400. The weakness, if extended, could lead to test of 15,300 and 15,100 levels.
Image Source: iStock
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