Asian share markets tumbled more than 1% today following a sharp sell-off on Wall Street fuelled by concerns about the impact of runaway inflation on the economy.

The Nikkei had a steep fall off by 1.1% while the Hang Seng fell by 1.2%. The Shanghai Composite is down 0.51%.

Wall Street tumbled in a broad sell-off overnight as dire consumer confidence data dampened investor optimism and fuelled worries that the Federal Reserve's aggressive battle against inflation could tip the economy into recession.

The Dow Jones plummeted 1.6% while the tech-heavy Nasdaq also dropped 3%.

Back home, Indian share markets are trading on a negative note.

Benchmark indices opened in red following the trend on SGX Nifty. Benchmark indices fell around 1% but have recovered some losses as the session progressed.

At present, the BSE Sensex is trading down by 251 points. Meanwhile, the NSE Nifty is trading lower by 74 points.

Ultratech Cement and Tata Steel are among the top gainers today.

Asian Paints, Titan, and Wipro continue to be among the top losers today.

Broader markets are also trading on a negative note. The BSE Mid Cap index is down by 0.8%. The BSE Small Cap index is trading lower by 0.1%.

Sectoral indices are trading mixed. Stocks in the energy, utilities, oil and gas, and basic materials sectors witnessing buying.

Whereas stocks in the banking sector and consumer durables sector are witnessing most of the selling.

We often compare inflation with price rise. Hence, as inflation rises, commodities become costlier.

But did you know that there is a type of inflation that we cannot see? This type of inflation is called 'Shrinkflation'.

In the commodity markets, gold prices edged higher. Today, prices are up by Rs 73, trading at Rs 50,895 per 10 grams.

Meanwhile, silver prices are trading higher at Rs 60,423 per kg.

Crude oil prices fell today after a continuous rise of three days.

Investors in crypto markets are not having a good night's sleep these days as coins continue to tumble in the face of a global market selloff and rising interest rates.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

Speaking of stock markets, the Indian share markets have started recovering.

In this situation, investors intend to make the most of the recovery. They are waiting for the right time to buy the dip just before the price goes up.

In the news from the cement sector, Springway Mining (SMPL) is now a wholly-owned subsidiary of India Cements.

In a regulatory filing on Tuesday India Cements said,

"SMPL has become a wholly-owned subsidiary of our company with effect from June 27, 2022"

The entire equity and preference shares of SMPL have been acquired at a total consideration of Rs 1.8 bn. The acquisition was completed on Monday.

SMPL is involved mainly in the mining and quarrying business, while India Cements is a leading manufacturer of cement in the country. SMPL is in the process of setting up a cement plant in Madhya Pradesh.

SMPL has no business income. However, it had reported 'other income' of Rs 1.7 m, Rs 0.5 m, and Rs 24,000 for FY19, FY20, and FY21 respectively.

ICL announced the acquisition of SMPL in October 2018, with the objective of setting up a cement plant in Madhya Pradesh.

Looks like Radhakishan Damani's idea of buying the stock in December 2021 has started to show its results as the share price of the company rises with the news of the acquisition.

This is how India Cements performed between December 2020 to December 2021.

Further in the news from the telecom sector, Route Mobile has approved a buyback of shares.

The board of Route Mobile approved the buyback of shares in the open market in a meeting on Tuesday. In a filing, the company informed that its board had approved Rs 1.2 bn spending to buyback shares from shareholders barring promoter, promoter group, and persons in control of the company.

The board approved the buyback of fully paid equity shares at a maximum price of Rs 1,700.

At maximum buyback price (Rs 1,700), and maximum buyback size (Rs 1.2 bn), the indicative maximum number of equity shares bought back would be 705,882, 1.12% of the total number of paid-up equity shares of the company.

The board also approved the formation of a buyback committee and delegated its powers to do "all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buyback".

Additionally, the board approved the appointment of Rathindra Das, group head legal, company secretary, and compliance officer for the buyback.

Route Mobile's share price is currently trading down by 6%.