Thank you, readers! That's all from CNBCTV18.com's live market coverage on June 16, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Clear that FII selling is pulling market down: Centrum Wealth Management's Devang Mehta
Devang Mehta, Head-Equity Advisory at Centrum Wealth Management, is of the view that sustained FII selling is clearly behind the fall in the market.
"All the factors around the world are more or less discounted in the price, so the strategy at this point has to be probably to buy on dips. The most important thing is that one should keep the faith at this point and start buying companies that are sort of deleveraged and are market leaders in their fields,” he says.
Market At Close | Sensex and Nifty make a sharp U-turn after Fed rate hike
Here are some highlights:
--Sensex and Nifty at 13-month closing lows
--Midcap index and Nifty Bank enter bear market
--Wipro, Tech Mahindra, Tata Steel and Infosys among nine Nifty50 stocks to hit 52-week lows
--Metal stocks top losers
--Nifty Metal plunges five percent — Vedanta and Tata Steel tumble up to seven percent
--Airline stocks drop following a sharp hike in jet fuel Price — IndiGo and SpiceJet down up to six percent
--Tata Motors shares fall as China lockdown hurts outlook
--Most midcap stocks in the red — Strides, Delta, Chambal, JSPL top losers
--Market breadth firmly in favour of the bears — advance-decline ratio at 1:8
Not a market to sell into anymore: Ajay Srivastava of Dimensions Corporate Finance
"Indian markets are now reaching a zone of capitulation. So now I have to change my call to say find a way to buy," Ajay Srivastava, CEO, Dimensions Corporate Finance Services told CNBC-TV18.
All this action, depression and wealth destruction will ultimately lead to falling inflation rate, he said. "Our guess is the fall in demand would be much faster than most people visualize, so this is not a market to sell into anymore, I think we rather wait patiently or if you can then dip into selective sectors,” he suggested.
15,300 is expected given the kind of selling pressure: Himanshu Gupta
Himanshu Gupta, Globe Capital said, "15,300 is the bear minimum that one can expect given the kind of selling pressure that has exaggerated once we have fallen below that 15,650-15,700 support zone." For somebody who still wants to get into the trade, Gupta advises, "wait for a pullback towards 15,500-15,550 zone, keep a stop loss above 15,600 and on the lower side expect 15,300 in a day or two."
Sell ITC, Reliance Industries, Axis Bank: Manish Hathiramani
Here are recommendations by Manish Hathiramani of Deen Dayal Investments:
-- Sell ITC for a target of Rs 258 with a stop loss at Rs 268
-- Sell Reliance Industries for a target of Rs 2,500 with a stop loss at Rs 2,740
-- Sell Axis Bank for a target of Rs 620 with a stop loss at Rs 660