Sensex falls 600 pts amid weak global market mood ahead of US inflation data; Nifty below 22,750

, M&M, , L&T, , and were the top Sensex stocks dragging the indices down.

On the sectoral front, Financial Services fell 0.6%, and Nifty Auto declined 0.8%. Additionally, Nifty FMCG, IT, Healthcare, Pharma, and Oil & Gas also saw declines.

Among individual stocks, IRCTC traded nearly 5% lower after the company reported a consolidated profit after tax (PAT) of Rs 284 crore, up by just 1.8% YoY. The revenue uptick was 19.7% on a YoY basis.

However, Paytm shares locked in 5% upper circuit amid reports that Adani Group chairman, Gautam Adani, is likely considering acquiring a stake in Paytm's parent company One97 Communications.

Experts View
"There are two positive catalysts notable: the Nasdaq Composite hit a record high due to gains in tech stocks like Nvidia and Apple, and both FIIs and DIIs were net buyers in the last session. However, caution is advised as India VIX is at a two-year high of 24.20, ahead of significant events such as exit polls and GDP data," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Deven Mehata, Research Analyst at Choice Broking, said, "Nifty can find support at 22,800 followed by 22,700 and 22,650. On the higher side, 22,950 can be an immediate resistance, followed by 23,000 and 23,100."

Asian Markets
Asian shares held a mixed tone on Tuesday after rallying the previous session, as rising bets of an imminent European rate cut helped risk appetite ahead of some key inflation data.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, thanks to a 0.7% gain in Hong Kong's Hang Seng index, after gaining 0.9% on Monday. Japan's Nikkei, on the other hand, slipped 0.3%, reversing some of the 0.7% advance a day ago.

FII/DII Tracker
Foreign institutional investors remained net buyers on May 28 as they bought worth Rs 65.57 crore, while domestic institutional investors continued their buying as they purchased equities worth Rs 3,231.67 crore on the same day.

Oil Rises
Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season.

Brent crude futures for July delivery rose 27 cents, or 0.3%, to $84.49 a barrel. U.S. West Texas Intermediate futures for July climbed 35 cents, or 0.4%, to $80.18.

Currency Watch
The Indian rupee fell 7 paise to 83.25 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, surged 0.12% to 104.73 level.

(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)