Share Market update: Sensex falls 152 points, Nifty below 15,700; NTPC, Infosys top losers

The Indian market ended lower today amid weak global cues. Sensex fell 152 points to 52,541 and Nifty closed 40 points lower at 15,692.

On Tuesday, Sensex ended 153 points lower at 52,693 and Nifty fell 75 points to 15,699. Investors remained cautious ahead of the crucial Federal Reserve meeting outcome, which will be announced on June 15.

Here's a look at live market updates today.

3:35 pm: Closing update

Sensex falls 152 points to 52,541 and Nifty closes 40 points lower at 15,692.

2:31 pm:  Aditi Nayar, Chief Economist ICRA on Trade Data

"The mild sequential dip in non-oil exports amidst a sharp jump in gold imports widened India's merchandise trade deficit to a massive US$24 billion in May 2022. Based on the expectation that gold imports may reduce after the Akshaya Tritiya season, the trade deficit may demonstrate some moderation in the current month Based on the performance in April-May 2022, we foresee the current account deficit to widen to US$ 26 billion in Q1 FY2023, from US$ 23 billion in Q3 FY2022 and an expected US$16 billion in Q4 FY2022." READ MORE

2:27 pm: Market outlook

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

"Nifty June series continues to trade with a negative bias - no strong reversal confirmation seen yet. Short term momentum parameters also suggest possibility of high volatility in the near term coinciding with the Fed decision on interest rates. Critical medium term trend support is seen at 15500 below which trend gets challenged. Advice being extremely selective for the near term."

2:00 pm: Cabinet approves auction of 5G spectrum; details here

The Union Cabinet has approved the auction of 5G spectrum, as reported initially by Business Today on Tuesday. The government in a statement on Wednesday stated that the 5G services will be rolled out soon, and that over 72 GHz of spectrum will be auctioned for a period of 20 years.READ MORE

12:50 pm: Sensex gainers

Top Sensex gainers are Bajaj twins, Tata Steel, SBI and ICICI Bank among others, rising up to 4.39 per cent.

12:44 pm: Market update

Sensex rises 136 points to 52,830 and Nifty gains 37 points to 15,769 in the afternoon session.

12:16 pm: Asian markets in pensive mood over expected Fed rate decision

Asian markets were in a pensive mood on Wednesday as shell-shocked investors waited to see just how aggressive the Federal Reserve would be on rates, with many fearing drastic action would risk tipping the world into recession.

Treasury yields hit decade highs and the dollar a 20-year peak as futures: implied it was near certain the Fed would hike by 75 basis points to a range of 1.50-1.75% later on Wednesday. READ MORE

11:43 am: Tata Communications stock hits 52-week low

Shares of Tata Communications fell over 7 per cent today after the firm held investor meet for June 2022. Tata Communications stock hit 52-week low of Rs 856, losing 7.12 per cent in early trade against the previous close of Rs 921.65 on BSE.

Brokerage firm CLSA cut its target price to Rs 1,070 from the earlier target of Rs 1,440.

"Management’s margin guidance is 23 per cent -25 per cent with capex guidance of $300m. However, missing was specific revenue growth guidance," CLSA said.

10:55 pm: Market update

Sensex falls 100 points to 52,593 and Nifty loses 33 points to 15,698.

10:48 am: Adani Wilmar stock falls 26% from record high: Time to buy, sell or hold?

Shares of Adani Wilmar were trading higher for the second consecutive session today amid a weak broader market. The Adani Group stock, which has majorly traded above Rs 600 level since mid-May, gained up to 4.59 per cent to Rs 649.45 in early trade today. Shares of Adani Wilmar closed 4.93 per cent higher at Rs 620.90 in the previous session on BSE. The stock, which ended at Rs 591.75 on June 13, has climbed 9.75 per cent or Rs 57.7 in the next two sessions.READ MORE

9:16 am: Sensex rises 74 points to 52,767 and Nifty gains 11 points to 15,743 in early trade.

9:00 am: Preopening comment by Prashanth Tapse, Vice President (Research), Mehta Equities

"Domestic equities may see a subdued opening in view of a lacklustre trend in the overnight US markets and sluggish trend in the SGX Nifty. However, expect bears to remain in control if Nifty's closes below its biggest intraday support at 15611. The bullish trend is possible only after Nifty crosses its biggest hurdle of 16117 mark. All eyes will be on the FOMC June policy meeting outcome with focus on the magnitude of the rate increase. Also, FII selling in the domestic market and crude oil prices above $1213 a barrel will continue to weigh on investors' sentiment."

8:32 am: Suvodeep Rakshit Senior Economist, Kotak Institutional Equities on CPI inflation

"The moderation in May CPI inflation was led primarily by a favorable base and sequential slowdown in core inflation. Headline inflation was aided by a sharp decline in rural inflation; mostly on a favorable base. While we expect inflation to have peaked in April, the persistence of geopolitical tensions and elevated global commodity prices are likely to keep the decline in inflation slow. We maintain our FY2023E average CPI inflation estimate at 6.5% in FY2023E. We continue to expect the RBI to frontload its rate actions and pencil in further repo rate hikes of 85 bps in the rest of FY2023 (including 35 bps hike in the August policy) and a CRR hike of 50 bps by end-FY2023."

8:26 am: Expert take

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd "Technically, after a sharp decline, the Nifty is consolidating in the range of 15,700- 15,850. The short-term formation is still on the weak side. And we are of the view that if the index slips below the level of 15,700, it could hit 15,600-15,550 levels. On the flip side, 15,850 would act as an immediate hurdle for the bulls above which it could move up to 15,950-16,000."

8:20 am: SGX Nifty

The Indian market is likely to open on a flat note today as SGX Nifty fell 7 points to 15,714. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Tuesday

The Indian equity market fell for the third consecutive session on Tuesday amid negative global cues. Sensex ended 153 points lower at 52,693 and Nifty fell 75 points to 15,699 in the second trading session of this week. Investors remained cautious ahead of the crucial Federal Reserve meeting outcome, which will be announced on June 15.