• Miki

Zomato and Paytm gain 2% as the Sensex closes 185 points down and the Nifty settles below 16,500.

The benchmark indices experienced a tumultuous trading session on Wednesday as the geopolitical situation in Europe deteriorated. Rising bond yields on the debt market also dampened investor sentiment. In response to this, the Nifty50 index closed at 16,523, down 62 points or 0.37 percent, while the BSE Sensex index dropped 185 points, or 0.33 percent, to end at 55,381 levels. The intra-day lows for both indices were 55,091 and 16,439, respectively.

The BSE SmallCap index increased 0.62 percent, while the BSE MidCap index fell 0.1% in the larger markets. Sectorally, the Nifty IT index on the NSE decreased by more than 1%, while the Nifty PSU Bank index increased by 0.9%.

After signing a contract with the defense ministry for the construction of Astra Mark-1 beyond visual range air-to-air missiles (BVRAAMs) for Rs 2,971 crores, Bharat Dynamics stock rose more than 5%.

AU Small Finance Bank also increased by more than 1%. To determine whether stockholders are eligible for the 1:1 issuance of Bonus shares, the bank has set June 10 as the record date.

The move by the EU to partially restrict Russian oil, according to Vinod Nair, head of research at Geojit Financial Services, hampered the global market. According to the most recent RBI prediction, the Indian economy expanded by 8.7% in FY22 but is projected to rise only 7.2% in FY23. Due to a pickup in the construction industry, the passenger and commercial vehicle segments of the auto market saw an increase; nevertheless, the two-wheeler and tractor markets saw sustained pressure.

Global Cues

Tuesday saw a lower closing for the market and lower stock prices, a fitting way to cap off a turbulent month that saw Wall Street battered by concerns about a potential recession, inflation, and rising interest rates. After recovering roughly half of its loss from earlier in the day, the S&P 500 dropped 0.6%. The Nasdaq composite declined 0.4% and the Dow Jones Industrial Average dropped 0.7%. Both companies reduced some of their losses after declining by at least 1.4%.

Despite losses on Wall Street, Tokyo markets opened higher on Wednesday as investors awaited important US data anticipated this week. The broad Topix index increased by 0.32 percent, or 6.19 points, to 1,918.86 while the benchmark Nikkei 225 index gained 0.18 percent, or 49.61 points, in early trading.

Following a negative lead from Wall Street and traders easing back after a healthy run-up in previous sessions, Hong Kong stocks declined at the opening of trade on Wednesday morning. To reach 21,340.20, the Hang Seng Index dropped 0.35 percent or 75.00 points. The Shenzhen Composite Index on China's second exchange fell 0.30 percent, or 5.95 points, to 2,001.00, while the Shanghai Composite Index fell 0.34 percent, or 10.93 points, to 3.175.50.

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