Share Market Today News: Sensex slips over 450 factors in opening offers, Nifty dips beneath 16,900-mark on weak world cues

Stock Market Today India, Sensex, Nifty Updates: The benchmark fairness indices on the BSE and National Stock Exchange (NSE) opened over 0.8 per cent decrease monitoring weak spot of their Asian friends as surging borrowing prices intensified fears of a worldwide recession.

At 9:15 am, the S&P BSE Sensex was buying and selling at 56,633.68, down 473.84 factors (0.83 per cent) and the Nifty 50 was at 16,862.40, down 145.00 factors (0.85 per cent).

On the Sensex pack, Tata Consultancy Services (TCS), Reliance Industries (RIL), UltraTech Cement, ITC, NTPC, Bajaj Finance, Tata Steel, Bharti Airtel and Infosys have been the highest losers in early offers whereas Power Grid Corporation of India, Dr. Reddy’s Laboratories and Sun Pharmaceutical Industries have been within the inexperienced.

V Okay Vijayakumar, Chief Investment Strategist at Geojit Financial Services, in a pre-market word mentioned, “Globally equity markets are in bear territory. Nasdaq is down 33.2 per cent from the peak and S&P 500 is down 24.3 per cent from the peak. The Euro Stoxx 50 is down 24.3 per cent from its peak. These are clear bearish signals from markets in the developed world. India is a distinct outlier with only 8.5 per cent decline from the peak in Nifty. India can remain an outperformer supported by its strong fundamentals but India cannot remain immune to major global trends.”

He added, “The texture of the market has changed from ‘buy on dips’ to ‘sell on rally’ and therefore, investors have to be cautious in the market now. The Bank Nifty has sharply corrected by 8 per cent from its recent record high and is weak now. IT is likely to remain resilient supported by currency tailwinds. Autos and capital goods can be slowly accumulated on declines. Since valuations in India continue to be high relative to peers, investors may brace for more corrections in this bearish scenario.”

Global Market (from Reuters)

Asian share markets tumbled on Wednesday as surging borrowing prices intensified fears of a worldwide recession, spooking buyers into the arms of the safe-haven greenback and driving the Chinese yuan to report lows. Yields on US 10-year Treasuries have been shoved above 4.0 per cent for the primary time since 2010 as markets wagered the Federal Reserve might need to take charges previous 4.5 per cent in its campaign in opposition to inflation.

Surging charges and slowing development shouldn’t be a great combine for equities and MSCI’s broadest index of Asia-Pacific shares outdoors Japan fell 1.7 per cent to its lowest since April 2020. Japan’s Nikkei shed 2.1 per cent and South Korean shares fell 2.4 per cent to a two-year low. Chinese blue chips misplaced 0.6 per cent.

S&P 500 futures received caught within the bearish temper and slipped 0.8 per cent, whereas Nasdaq futures dropped 1.0 per cent. This can be the S&P 500’s seventh session of losses and threaten the technically-important 200-week common at 3,590. EUROSTOXX 50 futures fell 1.1 per cent, whereas FTSE futures misplaced 1.0 per cent as European borrowing prices blew out.