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Sensex tanks 600 points in opening deals

Nifty opens in the red, near 16,300

Twenty seven of 30 Sensex stocks in the red

Rupee falls 8 paise to record low of 77.82 against US dollar in early trade: PTI

Oil falls on demand- worries over Shanghai’s new partial lockdowns                                      

Sensex, Nifty slump over 1% led by losses in metals, IT, financials

Stock market today: Equities extended a selloff as the twin blows of high inflation and slowing economic growth stirred investor anxiety

Share market LIVE updates: Indian indices fell on Friday as Asian shares tracked Wall Street lower after rate hike guidance from the European Central Bank and upcoming US inflation data unnerved investors. At open, Sensex slumped 597.2 pts to 54,723.08, while Nifty fell 176.30 pts to 16,301.80

The next test for markets is the US inflation print on Friday, which will provide clues about how aggressively the Federal Reserve must raise rates. The data are expected to show annual consumer-price gains of more than 8%.

Nifty technicals

Markets are under the firm grip of Bears. FIIs are bent upon selling dancing to the tunes of US markets and policies. Inflation worldover -in US and India is causing concern. As a result Interest rates are going up. Lenders too hike the rates. RBI on its part increased REPO rate. Geo economic and Geopolitical canvass is not conducive. As a result the stock markets get beaten up red and blue. Investors may wait and watch for some time before deciding to invest.

As far as immediate supports are concerned, 16350 followed by 16300 – 16260 should be seen as key levels. Traders are advised to remain positive but yes aggressive positions are not advisable till the time trend becomes strong. Some stocks with good track record provide an opportunity to buy at their lowest possible rates now and hence may use this golden chance to enhance their strength of their portfolio.

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