The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 103 points.
The BSE Sensex plummeted 1,457 points or 2.68 percent to 52,847, while the Nifty50 fell 427 points or 2.64 percent to 15,774 and formed a bearish candle on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 15,677, followed by 15,579. If the index moves up, the key resistance levels to watch out for are 15,879 and 15,984.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
US equities tumbled on Monday, with the S&P 500 confirming it is in a bear market, as fears grow that the expected aggressive interest rate hikes by the Federal Reserve would push the economy into a recession.
The benchmark S&P index has fallen for four straight days, with the index now down more than 20 percent from its most recent record closing high to confirm a bear market began on January 3, according to a commonly used definition.
The S&P 500 lost 149.91 points, or 3.85 percent, to end at 3,750.95 points, while the Nasdaq Composite lost 526.82 points, or 4.65 percent, to 10,813.20. The Dow Jones Industrial Average fell 857.70 points, or 2.73 percent, to 30,535.09.
Asian Markets
Asian shares tumbled on Tuesday after Wall Street hit a confirmed bear market milestone and bond yields struck a two-decade high on fears aggressive US interest rate hikes would push the world's largest economy into recession.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.9 percent. Australian shares S&P/ASX200 sank 5 percent in early trade, while Japan's Nikkei stock index was down 1.74 percent.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 103 points. The Nifty futures were trading around 15,675 levels on the Singaporean exchange.
Retail inflation for May matches estimates at 7.04%
India's headline retail inflation rate eased to 7.04 percent in May from April's near-eight-year high of 7.79 percent thanks to a favourable base effect, according to data released on June 13 by the Ministry of Statistics and Programme Implementation.
The latest inflation print is along with consensus estimates. As per a Moneycontrol poll, Consumer Price Index (CPI) inflation was seen falling to 7.1 percent in May. The fall in inflation in May is unlikely to do much to slow down the Reserve Bank of India's (RBI) rate hike cycle.
Fed door open to 0.75% hike after inflation data, market moves
Eroding inflation data and fast-changing views in financial markets on Monday have opened the door to a larger-than-expected three-quarter-percentage point interest rate increase when Federal Reserve officials meet this week.
It is a move officials had downplayed as their two-day meeting approached over recent weeks, but which they now may be poised to adopt in response to data that has yet to show progress on taming the pace of price increases. The growing possibility of a surprise move was reported earlier on Monday by the Wall Street Journal, helping to further push trade in future contracts tied to Fed policy in that direction.
Several media reports, following the initial report in the Wall Street Journal, also signaled the possibility of a larger hike, however, and markets began moving as a result, with several high-profile Fed analysts, including those at institutions like JP Morgan and Goldman Sachs joining in.
Oil bounces around as tight supply offsets China, recession fears
Oil prices seesawed in positive and negative territory on Tuesday, holding up despite recession fears and potential new COVID-19 curbs in China that could dampen demand as the market remains tightly supplied.
US West Texas Intermediate (WTI) crude eased 4 cents to $120.89 a barrel at 0156 GMT, while Brent crude futures dipped 6 cents to $122.21 a barrel.
FII and DII data
Foreign institutional investors (FIIs) have net sold Rs 4,164.01 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 2,814.50 crore worth of shares on June 13, as per provisional data available on the NSE.
Foxconn's Bharat FIH gets Sebi nod to float Rs 5,000 Crore IPO
Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group company, has received capital markets regulator Sebi's go ahead to raise Rs 5,000 crore through an Initial Public Offering (IPO). The initial share-sale of Bharat FIH comprises fresh issue of shares worth Rs 2,502 crore and an offer for sale of up to Rs 2,502 crore by promoter group and Foxconn unit Wonderful Stars, according to the Draft Red Herring Prospectus (DRHP).
Bharat FIH makes devices for Xiaomi and Nokia. The company, which filed its preliminary IPO papers with Sebi in December 2021, obtained its observations on June 10, an update with the markets regulator showed on Monday.
Bitcoin falls 12.1% to $23,366
Bitcoin dropped 12.1% to $23,366 at 2002 GMT on Monday, losing $3,218.95 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 51.6% from the year's high of $48,234 on March 28.
Ether , the coin linked to the ethereum blockchain network, dropped 13.62 % to $1,237.72 on Monday, losing $195.18 from its previous close.
Stocks under F&O ban on NSE
Two stocks - RBL Bank, and Delta Corp - are under the NSE F&O ban for June 14. 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.
With inputs from Reuters and other agencies
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