Share Market LIVE: SGX Nifty suggests weak start for Sensex, Nifty; retail inflation softens in May

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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Entering the second day of trade for the week, the story looks the same with SGX Nifty diving more than 95 points, suggesting that bears might still be in full control on Dalal Street.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets have started the week on a nervous footing as headline indices tanked more than 2.6% each on Monday. Bank Nifty was down 3% while India VIX, the volatility gauge, was up a whopping 14.25% to breach 22 levels once again. Entering the second day of trade for the week, the story looks the same with SGX Nifty diving more than 95 points, suggesting that bears might still be in full control on Dalal Street. Global cues were also negative with NASDAQ diving 4.68% on Monday followed by S&P 500 and Dow Jones. Asian stock markets were all in the red. 

The sharp increase in prices eased in the month of May as retail inflation clocked in at 7.04%, down from an 8-year high of 7.79%. However, the Consumer Price Index (CPI) based inflation was still way above the Reserve Bank of India’s tolerance band of 2-6%. “India’s retail inflation softened marginally to 7.04% in May from an eight-year high of 7.79% in April, aided by a favourable base,” said Care Ratings. “Food continues to remain the main driver with a nearly 50% contribution to total inflation. At 7.84% in May, food inflation witnessed a moderation from 8.1% last month,” they added. RBI’s MPC has so far announced two rate hikes in an attempt to tame inflation. The central bank is expected to go for another rate hike in the next policy meeting. However, US inflation has set a new 40-year high which may prompt US Fed to take more aggressive rate hikes.

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