Share Market Live: Sensex tanks 800 pts, Nifty below 16,250; rupee hits record low

The Indian market opened lower today. Sensex fell 635 pts to 54,684 and Nifty lost 189 pts to 16,288 Benchmark indices snapped four days of losing streak on Thursday despite weak global cues. Sensex surged 427.79 points to close at 55,320.28. During the day, the benchmark hit a high of 55,366.84 and a low of 54,507.41. Nifty advanced 121.85 points or 0.74 per cent to end at 16,478.10.

Here's a look at live market updates today.

12:07 pm: Market update

Sensex falls 815 pts to 54,404 and Nifty loses 233 pts to 16,244 in the afternoon session.

11:17 am: Sensex, Nifty slip over 1%: Here's a look at top five losers in early trade

A day after closing in the green, Indian equity market resumed its downfall, looking set to end the week on a negative note. Sensex crashed 750 points to 54,570 and Nifty lost 209 points to 16,268 in early trade. Mid-cap and small cap indices slipped 128 points and 96 points, respectively on BSE.

Market cap of BSE-listed firms crashed to Rs 253.03 lakh crore today against Rs 254.95 lakh crore cap in the previous session.

Market breadth was negative with 1187 stocks trading lower against 1,826 stocks falling on BSE. 121 shares were unchanged. Banking, and information technology stocks were the top sectoral losers with BSE bankex and BSE IT indices slumping 505 points and 551 points, respectively. Of 30 Sensex stocks, 23 were trading in the red. READ MORE

10:45 am: Bajaj Auto stock rises 2%

Bajaj Auto stock rose over 2 per cent amid a weak market today after the two-wheeler major said its board would meet on June 14 to consider a proposal for buyback of fully paid-up equity shares. The stock of Bajaj Auto climbed 2.29 per cent to Rs 3,965 against the previous close of Rs 3,876.90 on BSE. The auto stock opened with a gain of 2.14 per cent at Rs 3960 on BSE.

Shares of Bajaj Auto are trading higher than 5-day, 20-day, 50-day, 100 day and 200-day moving averages. The stock has gained 20.16 per cent in 2022 and fallen 6.55 per cent in a year.

Total 9,299 shares changed hands amounting to a turnover of Rs 4.06 crore on BSE. The market cap of the firm rose to Rs 1.13 lakh crore.

10:13 am: Rupee hits record low

 The Indian rupee hit a record low of Rs 77.84 per dollar against the previous close of Rs 77.76 , falling 8 paise in trade today.

9:57 am: Market update

Sensex falls 750 pts to 54,570 and Nifty loses 209 pts to 16,268 in early trade.

9:54 am: Expert quote

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Strengthening of the US 10-year bond yield to 3.05% can be interpreted as the market discounting worse- than- expected inflation data in the US on Friday. If inflation data turns out to be worse-than-expected, equity markets will turn bearish. If it doesn't, markets will stage a rebound next week. Meanwhile, INR depreciation  is becoming a tailwind for the IT industry. Since banks have hiked lending rates immediately after the repo rate hike, they are likely to post good results in the coming quarters. Calibrated buying on dips in high quality banking and IT stocks can fetch good returns to investors in the medium- term."

9:22 am: Top losers

Top  Sensex losers are Tata Steel, Wipro and TechM falling up to 3.25 percent.

9:19 am: Sensex falls 635 pts to 54,684 and Nifty loses 189 pts to 16,288. 

9:10 pm: Preopening comment

Mohit Nigam, Head - PMS, Hem Securities said, "Asian markets are trading on a negative note as Chinese inflation data for May came in largely in line with expectations. Investors also looked ahead to US CPI data which is going to be released today. Nikkei is trading 1.27% lower whereas Kospi is down by 1.34%. The European Central Bank raised its inflation projections once again on Thursday but cut its growth outlook as the conflict in Ukraine continues to weigh on confidence, consumption and investment. On the technical front 16,100 and 16500 are immediate support and resistance in Nifty 50. For Bank Nifty 34400 and 35200 are immediate support and resistance respectively."

8:35 am: Expert take

Palak Kothari, Research Associate at Choice Broking said, "Nifty may find support around 16240 levels while on the upside 16600 may act as an immediate hurdle. On the other hand, Bank nifty has support at 34500 levels while resistance at 35,800 levels. Overall, Nifty is looking bullish for the next trading session with the support of 16,240 levels it can show 16,600-16,680 levels."

8:30 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 231 points to 16,240. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

Benchmark indices snapped four days of losing streak on Thursday despite weak global cues. Sensex surged 427.79 points to close at 55,320.28. During the day, the benchmark hit a high of 55,366.84 and a low of 54,507.41. Nifty advanced 121.85 points or 0.74 per cent to end at 16,478.10.