Sensex, Nifty Trade Flat; Realty, Metal & Auto Stocks Under Pressure

Thu, 30 Jun 10:30 am

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Asian share markets opened mostly on the back foot today following another tepid lead from Wall Street as traders grew increasingly worried about the impact of surging inflation and higher interest rates.

The Nikkei fell by 0.9% while the Hang Seng rose 0.3%. The Shanghai Composite is up 0.4%.

Wall Street stocks were near flat at the end of a choppy session on Wednesday as the market struggled to recover from the prior session's rout.

Worries about inflation, weakening consumer sentiment and tightening monetary policy have weighed on stocks.

The Dow Jones was up 0.3% while the tech heavy Nasdaq dropped 0.1%.

Back home, Indian share markets are trading on a flat note, following mixed global cues.

At present, the BSE Sensex is trading up by 93 points. Meanwhile, the NSE Nifty is trading higher by 18 points.

SBI and Power Grid are among the top gainers today.

Bajaj Finserv, and Ultratech Cement continue to be among the top losers today.

IOC share price rose 3% today. Shares of IOC were under pressure for the past couple of weeks owing to marketing margin pressure.

Broader markets are also trading on a flat note. The BSE Mid Cap index is up by 0.1%. The BSE Small Cap index is trading higher by 0.2%.

Sectoral indices are trading mixed. Stocks in the realty, metal, and auto, sectors are witnessing selling.

Whereas stocks in the power sector and utilities sector are witnessing most of the buying.

In the commodity markets, gold prices edged higher. Today, prices are up by Rs 204, trading at Rs 50,933 per 10 grams.

Meanwhile, silver prices are trading higher at Rs 59,503 per kg.

Cryptos are trading on a negative note.

In the past 24 hours, world's most popular cryptocurrency - Bitcoin fell over 1%.

Investors in crypto markets are not having a good night's sleep these days as coins continue to tumble in the face of a global market selloff and rising interest rates.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

Yesterday, the rupee hit an all-time low of 79.03. Rising interest rates, inflation and global liquidity has kept the rupee under pressure.

But it this all? Or will rupee fall more?

Chartist Brijesh Bhatia answers these questions in the video below:

In the news from wealth management sector, IIFL Wealth Management appoints a new head of the products.

IIFL Wealth Management has announced the appointment of Nikunj Kedia as head of products at IIFL Wealth.

Kedia, who has been with the company since 2010, has been internally elevated to this role. He was instrumental in setting up the business in Kolkata, Chennai and Hyderabad besides being responsible for the offshore business based in Singapore.

In his new role, he will be responsible for third party fund manager due diligence and selection, alternative investments and deal sourcing.

He started his career with American Express Financial Advisors and has close to two decades of experience in the financial services industry with expertise in advisory and wealth management.

Prior to joining IIFL Wealth Management, he had founded Park Financial Advisors, with a focus on fee-based financial planning, which was acquired by Karvy Private Wealth in 2009.

In the news from IT sector, Infosys has agreed to invest in The House Fund III, a US based venture capital (VC) firm.

The House Fund is a US based pre-seed & early stage venture capital fund investing in start-ups founded by University of California, Berkeley's alumni, faculty, and recent graduates.

The House Fund team includes top executives, founders with combined exits over US$1 bn, and 6 UC Berkeley Professors that are among the world's leading AI experts.

Infosys seeks to partner with such start-ups to complement its organic capabilities and jointly help its clients across the globe to transform their businesses.

Following the news, shares of Infosys are trading in the green today.

All Indian IT stocks have been falling in 2022 because of the fall in tech heavy Nasdaq. Infosys was no exception to this fall.

Infosys saw a major fall in 2022. However, this fall looks like it may be temporary because the stock is a fit for Warren Buffett filter.

Take a look at the 3-year price chart of Infosys, it will explain how investors have been benefitted by investing in Infosys.

Infosys is a fundamentally strong company with virtually no debt.

To know more about the company you can refer its factsheet and quarterly results.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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