Share Market update: Sensex crashes 1,158 points, Nifty below 15,850; IndusInd falls 6%

Good afternoon!

Benchmark indices pared early gains to close lower for the fourth consecutive session on Wednesday amid selling in index majors Infosys and Reliance Industries.

Foreign institutional investors remaining in selling mode and jump in crude prices also weighed on sentiment.

Despite a strong start, the gains in Sensex fizzled out and ended lower at 54,088.39, down 276.46 points or 0.51 per cent. During the day, the index tumbled 845.55 points or 1.55 per cent to 53,519.30. Nifty dipped 72.95 points or 0.45 per cent to settle at 16,167.10.

What's next? Here are the latest updates!

3:35 pm:  Closing update

Sensex crashes 1,158 points to 52,930 and Nifty slips 359 points to 15,808 today.

3:04 pm: Market extends losses

Sensex crashes 1,257 points to 52,830 and Nifty slips 398 points to 15,762 in the afternoon session.

2:15 pm: Expert Quote

Vineet Bagri, Managing Partner- TrustPlutus Wealth said, "Overnight western markets gave up their early gains due to persistent selling in tech, leading to a broader sell off. The inflation print was higher than expectations, fueling the call for more aggressive rate hikes and weak global growth in CY23. And with the dollar index strengthening to 104, FIIs continue selling the emerging markets space. Also, DII buying is acting like a much-needed shock absorber in our market. However early indicators suggest that retail investors have also started taking money off the table. Although equity markets are in a synchronized fall globally in CYTD'22, we need to take notice of a major positive which is that the Nifty 50 is down 9% while the other major indices like the S&P 500 (-17%), Nasdaq (-27%), Kospi (-15%), Hang Seng (-17%), (Taiwan -14%), and Germany (-13%) have seen deeper cuts. While the macro indicators are weakening, we are seeing some green shoots too especially the recent cool off in commodities like aluminum, copper, zinc, steel and iron ore. However, this is a welcome relief as India is not a commodity export driven market. Although expected global GDP growth rates for CY 22/23 are being lowered, India is perhaps the only major economy expected to grow at an average 7% over the next two years. Thus, we believe that once the selling pressure abates and commodity prices/inflation start cooling off, Indian market should see a strong bounceback."

1:35 pm: Latest update

 Sensex crashes 944 points to 53,144 and Nifty slips 308 points to 15,858 in afternoon session.

1:31 pm: Sensex losers

Top Sensex losers are IndusInd Bank, Bajaj Finance, Tata Steel, Bajaj Finserv , falling up to 5 percent

1:09 pm: Tata Motors stock slips 5% ahead of Q4 earnings

Tata Motors stock slipped nearly 5 per cent ahead of the auto major's Q4 earnings today. The large cap stock fell to an intraday low of Rs 369.55, falling 4.73 percent on BSE. The share opened at Rs 383.95 against the previous close of Rs 387.90 on BSE.

12:30 pm: Bloodbath on D-Street: Factors behind Sensex crash today

Benchmark indices crashed in early trade on Thursday amid weak global cues and inflation worries. Foreign institutional investors remaining in selling mode and elevated crude oil prices also weighed on sentiment.

The 30-share BSE Sensex tanked over 1000 points to hit an intraday low of 53,047.75. The NSE Nifty tumbled over 300 points to 15,848.10.

Wondering what's wrong? Let's have a look at the factors behind blood bath on Dalal Street! Read more

11:30 am: Terra Luna crashes 97%

As Terra Luna hits great lows, with the token crashing 97 per cent amid the TerraUSD or $UST de pegging fiasco, Do Kwon, founder of Terraform Labs is under scrutiny.

Former employees of Terra are claiming that the developer was also the founder of another failed stablecoin project called Basis Cash, as reported by Coindesk. Read more

9:40 am: Sensex crashes 1000 points, Nifty below 15,900

9:20 am: Sensex tanks over 800 points, Nifty below 16,950

9:16 am: Market opening

Sensex opened 673 points lower at 53,414.40 and Nifty fell over 153 points to 16,014.10

9:00 am: Rupee at record low against US Dollar, hits 77.52.

8:30 am: Global updates

Wall Street stocks closed sharply lower and Treasury yields fell in Wednesday's volatile session as oil prices rallied and investors worried about the potential for an economic slowdown. US equity indexes had traded higher and lower during the volatile session as investors picked through US inflation data for clues about the Federal Reserve's rate-hiking path.

The Dow Jones Industrial Average fell 326.63 points, or 1.02 percent, to 31,834.11, the S&P 500 lost 65.87 points, or 1.65 percent, to 3,935.18 and the Nasdaq Composite dropped 373.44 points, or 3.18 percent, to 11,364.24.

Shares in Asia-Pacific declined in Thursday morning trade following overnight losses on Wall Street — after data showed the consumer price index stateside in April remaining near the highest level in more than 40 years.

The Nikkei 225 in Japan fell 1.57 percent. The Topix index shed 1 percent. In South Korea, the Kospi traded 0.86 percent lower. Australian stocks also declined as the S&P/ASX 200 dipped 0.22 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.44 percent lower.

8:15 am: SGX Nifty

The Indian equity market is likely to open on a negative note today as SGX Nifty was trading lower at 15,966.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:10 am: Market on Wednesday

Despite a strong start, the gains in Sensex fizzled out and ended lower at 54,088.39, down 276.46 points or 0.51 per cent. During the day, the index tumbled 845.55 points or 1.55 per cent to 53,519.30. Nifty dipped 72.95 points or 0.45 per cent to settle at 16,167.10.

Larsen & Toubro, Bajaj Finserv, NTPC, Bajaj Finance, Maruti, PowerGrid, Infosys and ITC were among the top losers today, falling up to 2.30 per cent.

Axis Bank, IndusInd Bank, HDFC, ICICI Bank, Kotak Mahindra Bank, HDFC Bank and Bharti Airtel were among the top Sensex gainers, rising up to 1.92 per cent.