BSE Information Technology index shed 1 percent dragged by the Brightcom Group, Aurum PropTech, NELCO
RITES bags order from Container Corporation of IndiaRITES has secured a business for operation and maintenance of 20 numbers of shunting locomotives for the period of 10 years from Container Corporation of India for Rs 364.56 crore.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened lower on June 17 with Nifty below 15300 amid weak global cues.
At 09:16 IST, the Sensex was down 392.29 points or 0.76% at 51103.50, and the Nifty was down 116.20 points or 0.76% at 15244.40. About 522 shares have advanced, 1297 shares declined, and 86 shares are unchanged.
Wipro, TCS, Titan Company, Adani Ports and HCL Tech were among major losers on the Nifty, while gainers were Coal India, Reliance Industries, Bajaj Auto, Tata Steel and Hindalco Industries.
Gold prices Updates:
Gold fell on Friday, as a higher dollar and rising U.S. Treasury yields weighed on demand for greenback-priced bullion, and put prices on track for their biggest weekly drop since mid-May.
Spot gold dropped 0.7% to $1,844.25 per ounce by 0238 GMT. U.S. gold futures dipped 0.2% to $1,846.90.
The Indian markets are likely to open on the muted note tracking weakness across global markets amid fears of an economic downturn as monetary policy tightens to fight high inflation.
US markets ended lower tracking losses in IT stocks as investors are concerned about aggressive monetary policy action by central banks.
Indian rupee opened marginally higher at 78.02 per dollar on Friday versus previous close of 78.07.
Market at pre-open: Benchmark indices are trading lower in the pre-opening session.
At 09:02 IST, the Sensex was down 99.09 points or 0.19% at 51396.70, and the Nifty was down 325.70 points or 2.12% at 15034.90.
Stocks under F&O ban on NSE
Three stocks – Indiabulls Housing Finance, RBL Bank, and Delta Corp – remained under the NSE F&O ban for June 17 as well. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Mohit Nigam, Head – PMS, Hem Securities:
Benchmark Indices are expected to open on a positive note as trends on SGX nifty indicate an opening with 47 points gain.
US stock indexes closed sharply lower on Thursday in a broad sell-off as recession fears grew following moves by central banks around the globe to stamp out rising inflation after the Federal Reserve’s largest rate hike since 1994. Also, the selloff in the digital-asset space accelerated Thursday, with losses in US equities also snowballing, a day after the Federal Reserve raised interest rates by the most in decades. Crucial support for Nifty 50 is 15,000 while Nifty may face some resistance at 16,300.
Prashanth Tapse, Vice President (Research), Mehta Equities:
After yesterday’s drubbing, markets may exhibit caution in early trades with the undertone continuing to remain bearish following overnight slump in US markets. Investors remain concerned that central banks’ commitment to bringing inflation down will seriously damage a fragile economic recovery.
Further, crude oil prices are at $115 a barrel which is way above the assumption of $105 a barrel made by the RBI for its full-year inflation projections.
The net outflow by FIIs from equities has reached Rs 1.81 lakh crore so far in 2022, while in the June month so far, FIIs have net sold Rs 34,270 crore, which is creating uncertainty amongst the investors.
Jio adds 16.8 lakh mobile subscribers in April
India’s largest telecom operator Reliance Jio gained 16.8 lakh mobile subscribers in April, cementing its lead in the market, while Bharti Airtel added 8.1 lakh users, according to TRAI data.
Vodafone Idea lost 15.68 lakh subscribers during the month, and its base slid to 25.9 crore in April. Overall, TRAI data showed that India’s total wireless subscribers count increased marginally to 114.3 crore at the end of April 2022.