Monday, June 27, 2022
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Stock Market Today: Sensex Falls Above 1,300 points, Nifty Below 15,850; 10 Updates

Stock Market on Monday: The markets opened on a negative note on Monday due to somber mood overseas after US inflation jumped to a new 40-year high of 8.6 per cent in May. With the sharp rise in US inflation that beat street expectations, all eyes will be on the US Federal Open Market Committee (FOMC) meeting scheduled on Wednesday, June 15, as investors fear aggressive rate hikes on the anvil. That apart, India will release retail inflation figures for May on Monday, June 13.

Carnage At D-Street on A Monday Morning

At 09:16 IST, the Sensex was down 1,311.76 points or 2.42 per cent at 52991.68, and the Nifty was down 373.20 points or 2.30 per cent at 15828.60. About 491 shares have advanced, 1670 shares declined, and 117 shares are unchanged.

Top Losers & Gainer on Nifty 

Cipla, Sun Pharma, SBI Life Insurance and Power Grid Corporation were among major gainers on the Nifty, while losers were Kotak Mahindra Bank, HDFC, L&T, Hindalco Industries and Infosys.

US Markets See Biggest Weekly Decline On Inflation Data

US stocks posted their biggest weekly percentage declines since January and ended sharply lower on Friday as a steeper-than-expected rise in US consumer prices in May fueled fears of more aggressive interest rate hikes by the Federal Reserve. The Dow Jones Industrial Average fell 880 points, or 2.73 per cent, to 31,392.79; the S&P 500 lost 116.96 points, or 2.91 per cent, to 3,900.86; and the Nasdaq Composite dropped 414.20 points, or 3.52 per cent, to 11,340.02.

Asian Stocks Sink As Inflation Worries Escalate

Tokyo shares opened down Monday, as global inflation worries escalated on fresh US data and drove down Wall Street, especially high-tech issues. The benchmark Nikkei 225 index fell 2.63 per cent, or 731.04 points, to 27,093.25 in morning trade, while the broader Topix index lost 2.05 per cent, or 39.86 points, to 1,903.23.

Asian stocks sank on Monday and bond yields ticked higher, as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening, and a COVID-19 warning from Beijing added to concerns about global growth. Chinese blue chips dropped 0.84 per cent, and Hong Kong’s Hang Seng suffered a 2.9 per cent slide. Japan’s Nikkei slumped 2.78 per cent, and South Korea’s Kospi declined 2.78 per cent.

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