Share Market update: Sensex tanks 1,045 pts, Nifty below 15,400; Tata Steel, TechM top losers

The Indian market ended lower today amid weak global cues. Sensex tanked 1,045 points to 51,495 and Nifty ended 331 points lower at 15,360.

Market fell for the fourth consecutive session ahead of Federal Reserve's policy announcement on Wednesday. Sensex fell 152 points to 52,541 and Nifty closed 40 points lower at 15,692.

Here's a look at live market updates today.

3:36 pm: Market ends in red

Sensex tanks 1,045 points to 51,495 and Nifty ends 331 points lower at 15,360.

2:28 pm: Expert Quote

AR Ramachandran, Co-founder & Trainer, Tips2Trades said, "Weaker global cues following the steepest interest rate hike by the Federal Reserve has caused jitters in all global equity markets. Technically, if Nifty closes below 15,660, in the coming days, we could witness 15,240 & 14,890 as well."

2:27 pm: Sensex losers

 Top Sensex losers are Tata Steel, Tech Mahindra, Bharti Airtel, Wipro and Bajaj Finance, falling up to 5.45 per cent.

2:18 pm: Market extends losses

Sensex tanks 1,028 points to 51,513 and Nifty slips 315 points to 15,376 in the afternoon session.

1:14 pm: Market update

Sensex falls 672 points to 51,868 and Nifty slips 220 points to 15,463 in the afternoon session.

12:37 PM: Market turns red

Sensex falls 442 points to 52,098 and Nifty slips 156 points to 15,535 in the afternoon session.

11:55 AM: Likelihood of Indian stocks entering bear market is high, says Zerodha's Nikhil Kamath

The probability of Indian stocks entering a bear market - falling over 20 per cent from the peak level - is quite high as markets globally are seeing that trend, says Nikhil Kamath of Zerodha.

"I think it is quite high. The likelihood of that [Indian equities entering bear market happening is high. I don't see why when the rest of the world were to go into a bear market, we will not. If everyone else enters a bear market, we will enter one too," Kamath told Business Today. READ MORE

11:14 am: Market trims gains

Sensex rises 60 points to 52,601 and Nifty gains 10 points to 15,702.

11:09 am: SpiceJet, InterGlobe Aviation shares fall up to 4% as jet fuel rates hit record high

Shares of air carriers such as SpiceJet and InterGlobe Aviation fell up to 4 per cent in early trade today after the oil marketing companies (OMCs) announced a hike in the aviation turbine fuel prices with effect from June 16 (Thursday).

Stock of SpiceJet slipped 3.97 per cent to Rs 42.25 (52-week low) against the previous close of Rs 44 on BSE.

The airline stock has been falling for the last four days. SpiceJet shares are trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. READ MORE

10:20 AM: Sensex, Nifty rise post Fed rate hike; how long will the relief rally last?

The Indian stock market opened with strong gains today after the Federal Reserve raised its lending rates by 75 bps to rein in high inflation. Sensex zoomed 489 points to 53,030 and Nifty gained 155 points to 15,847 in early trade today. In the previous four sessions, the Indian equity market closed lower amid weak global cues. READ MORE

9:30 am: Top gainers and losers

RIL, Maruti, ICICI Bank, Bajaj Finance and Infosys are among the top Sensex gainers, rising up to 1.91 per cent in early trade. PowerGrid, Airtel and Nestle India are the only Sensex losers, falling up to 1.17 percent.

9:18 am: Market opens higher

Sensex rises 489 points to 53,030 and Nifty gains 155 points to 15,847.

9:05 AM: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities

"Benchmark Indices are expected to open on a positive note as trends on SGX nifty indicates a  gap up opening with 131 points gain. The US Federal Reserve on June 15 announced a three-quarter of a percentage point or a 75 bps hike in its target interest rate, in what is being seen as a move to curb the spiralling inflation. Also, India's cabinet has approved a proposal to auction high speed fifth generation, or 5G, telecom spectrum for 20 years starting July 26.  Bitcoin falls to fresh 18-month low.Crucial support for Nifty 50 is 15,500 while Nifty may face some resistance at 16,300."

9:03 AM: Wall Street rallies after Fed rate hike; Nasdaq up 2.5%, S&P, Dow rise over 1%

The S&P 500 rallied on Wednesday to snap a five-session losing skid after a policy announcement by the Federal Reserve that raised interest rates to market expectations as the central bank seeks to fight rising inflation without sparking a recession.

The Federal Reserve raised its target interest rate by three-quarters of a percentage point, its biggest rate hike since 1994, and projected a slowing economy and rising unemployment in the months to come. READ MORE

8:40 AM: US Fed hikes rates by 0.75 percentage point, flags slowing economy

The Federal Reserve raised its target interest rate by three-quarters of a percentage point on Wednesday to stem a disruptive surge in inflation, and projected a slowing economy and rising unemployment in the months to come.
The rate hike was the biggest made by the U.S. central bank since 1994, and was delivered after recent data showed little progress in its inflation battle.READ MORE

8:35 am: Expert take

Prashanth Tapse, Vice President (Research), Mehta Equities

"Overnight gains in the US markets coupled with early optimism in SGX Nifty is expected to charge up local bulls, after the policy rate hike of 75 bps by the US Federal Reserve came in as anticipated. Besides, the US Treasury yields also fell by 15 bps to 3.379% after having touched an 11-year high above 3.49% a day before. Easing WTI crude oil prices could also boost sentiment, as domestic equities have been under severe bear hammering for the past few sessions due to relentless FII selling."

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 132 points to 15,802. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

The Indian equity market fell for the fourth consecutive session ahead of Federal Reserve's policy announcement Wednesday. Sensex fell 152 points to 52,541 and Nifty closed 40 points lower at 15,692.

Top Sensex losers were NTPC, Infosys, Reliance Industries, Hindustan Unilever, Wipro, Tech Mahindra and PowerGrid, falling up to 2.02 per cent. Bajaj Finserv, Bajaj Finance, Tata Steel and Larsen & Toubro were among the top Sensex gainers, rising up to 4.24 per cent.