Indices trade with significant losses; weak market breadth

The key equity benchmarks tumbled in early trade amid across the board selling in index pivotals. The Nifty traded tad above the 15,250 level. Shares across sectors declined with IT, FMCG and auto stocks falling the most.

At 09:23 IST, the barometer index, the S&P BSE Sensex, was down 299.22 points or 0.58% to 51,196.57. The Nifty 50 index fell 105.75 points or 0.69% to 15,254.85.

In the broader market, the S&P BSE Mid-Cap index slipped 0.96% while the S&P BSE Small-Cap index declined 1.04%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 646 shares rose and 1756 shares fell. A total of 93 shares were unchanged.

Stocks in Spotlight:

Wipro fell 2.18%. Eros Investments, a leading Global Media, Entertainment & Technology portfolio of ventures announced that it has signed an alliance agreement with Wipro to evolve and scale the Artificial Intelligence (AI) and Machine Learning (ML) based content localization solution.

RITES advanced 0.75%. The company has secured a business for the operation and maintenance of 20 numbers of shunting locomotives for the period of 10 years from Container Corporation of India Limited for Rs 364.56 crore.

Matrimony.com slipped 1.75%. A meeting of the buyback committee of the board of directors of Matrimony.com is scheduled to be held on 22 June 2022, to consider and approve the final terms and conditions of the buyback of equity shares of the company.

Delta Corp rose 2.38%. Deltatech Gaming (formerly known as Gaussian Networks) (DGL), a wholly-owned subsidiary of Delta Corp, has filed a draft red herring prospectus dated 16 June 2022 with the Securities and Exchange Board of India, for a proposed initial public offering (IPO).

The IPO comprises a fresh issue of its equity shares of the face value of Re 1 each, for an amount aggregating up to Rs 300 crore and an offer for sale of the equity shares held by the company, for an amount aggregating up to Rs 250 crore (OFS).

Global markets:

Asian stocks are trading lower on Friday, following sharp declines on Wall Street as investors weigh the possibility of aggressive monetary policy tightening leading to a recession.

The Bank of Japan is set to release its monetary policy statement on Friday. The Bank of Japan is likely to maintain ultra-low interest rates and stress its resolve to support a fragile economy with massive stimulus.

US stock indexes closed sharply lower on Thursday in a broad sell-off as recession fears grew following moves by central banks around the globe to stamp out rising inflation after the Federal Reserve's largest rate hike since 1994.

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