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Indian Indices Erase Gains; Sensex Falls Over 900 Points from Day's High
Thu, 16 Jun 12:30 pm

Indian Indices Erase Gains; Sensex Falls Over 900 Points from Days High

Share markets in India have erased all the early gains and are presently trading on a volatile note.

Benchmark indices opened higher as investors cheered an expected 75 bps rate high, but soon erased gains tracking peers.

A rally in Asian stock markets and US equity futures fizzled out, hampered by the prospect of sustained interest rate hikes by the US Federal Reserve to bring inflation under control.

Federal Reserve Chair Jerome Powell said super-sized interest-rate hikes will be rare following the central bank's biggest increase in borrowing costs since 1994.

In an interview earlier this week, Jim Rogers had said that the market may perceive a 75 basis point-Fed rate hike as good news for a while, as the sharp rate hike could make it believe the worst is over. He went on to add that "the worst is not over yet.

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In opening trade today, the BSE Sensex rallied as much as 550 points while the broader NSE Nifty topped 15,860-mark.

Presently, the BSE Sensex is trading down by 301 points. Meanwhile, the NSE Nifty is trading down by 109 points at 15,580 levels.

Broader indices also came under pressure as the BSE midcap and smallcap index fell over 1.2%.

All sectoral indices were trading in green in the morning, but the case is exact opposite now. All sectoral indices are trading in red with stocks in the telecom sector and metal sector witnessing maximum selling pressure.

Among individual stocks, ITC share price is in focus as it gained 1% in a weak market.

Meanwhile, shares of Tech Mahindra hit a one-year low today. Tech Mahindra is continuously falling and has almost halved from its 52-week high level of Rs 1,838 following weak margins during the recent quarter.

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What else is happening in the markets today? Dig in...

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Last Day to Access 'One Stock Crorepati' Opportunity

As you know, recently we went LIVE with our One Stock Crorepati MEGA Summit...

Around 10,000 readers like you had registered to attend this summit.

At the summit, they learned Richa Agarwal's secret blueprint of identifying potential 'crorepati' stocks.

Plus, they also discovered the details of one stock with crorepati potential...

If you missed this summit for some reason, then you can still get all the details by watching this special replay of the summit.

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