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Sensex Ends 152 pts Lower, Nifty Dips Below 15,700 Ahead of US Fed Outcome

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Key benchmark indices ended lower in yet another volatile session on June 15 with Nifty below 15,700. The S&P BSE Sensex oscillated within a band of less than 400 points intra-day, before settling at 52,541, down 152 points or 0.29 per cent. The NSE Nifty50, on the other hand, ended at 15.692, down 40 points or 0.25 per cent.

Bajaj Finserv, Tata Steel, Bajaj Finance, L&T, and Asian Paints were the top Sensex gainers today, rising between 1 and 4 per cent. On the flipside, NTPC, Infosys, HUL, Wipro, and RIL slipped over 1 per cent each.

Broader Markets

The broader markets, meanwhile, outperformed the frontline indices as the BSE MidCap and SmallCap indices added around 0.5 per cent each. Sectorally, the Nifty Auto index gained the most and closed nearly a per cent higher, while the Nifty Metal fell 0.7 per cent.

Among stocks, Shriram City Union Finance gained 1 per cent. The company plans to raise up to Rs 300 crore via debt securities on a private placement basis.

Vinod Nair, head of research at Geojit Financial Services, said: “Looming fears of stagflation and volatility ahead of the Fed meeting decision forced the market to close flat with a negative bias. The aggressive rate hike of 50-75 bps is mostly factored by the market but updated economic and interest rate forecasts to be detailed by the central bank’s will closely control the future trend.”

Global Cues

Wall Street stocks mostly fell Tuesday as markets awaited a key Federal Reserve decision and digested another report showing elevated inflation. The Dow Jones Industrial Average finished down 0.5 per cent at 30,364.83. The broad-based S&P 500 fell 0.4 per cent to 3,735.48, while the tech-rich Nasdaq Composite Index gained 0.2 per cent to 10,828.35.

Tokyo stocks opened lower on Wednesday in cautious trade ahead of a key US Federal Reserve decision and with expectations rising for an even tougher rate hike than previously telegraphed The benchmark Nikkei 225 index was down 0.16 per cent, or 42.49 points, at 26,587.37 in early trade, while the broader Topix index was down 0.18 per cent, or 3.34 points, at 1,875.11.

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 per cent later on Wednesday.

European stocks were cautiously higher on Wednesday after the European Central Bank announced it will hold an unscheduled monetary policy meeting later today to discuss market rout and surging bond yields. The pan-European Stoxx 600 climbed 0.4 per cent in early trade, with banks and insurance stocks adding 2 per cent.

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