Dear
Trader…
The 30-share BSE benchmark Sensex rose 76 points or 0.10% to
settle at 73,961. The broader NSE Nifty Future gained 77 points or 0.34% to end
at 22,703.
Voting for the month-long Lok Sabha election will conclude on
June 1, and the votes will be counted on June 4. Investors are awaiting the
exit polls, which project outcomes after voting ends.
Additionally, fourth-quarter domestic GDP data is due later
in the day, which is expected to show the economy grew at a slower pace than
the previous three months.
Bajaj Finance, Tata Steel, HDFC Bank, Power Grid, and
IndusInd Bank were the top gainers on the Sensex, while Nestle India, TCS,
Maruti, Infosys, and Axis Bank were the top laggards.
On the sectoral front, Nifty Realty ended 2.3% higher, led by
Lodha, Brigade, and Prestige. On the other hand, Nifty IT, Media, FMCG, Pharma,
and Healthcare closed in the red. In the broader market, Nifty Midcap100 and
Smallcap100 rose 0.5% each.
The market breadth was skewed in favour of the bears. About
2,099 stocks declined, 1,732 gained, and 84 remained unchanged on the BSE.
Global
Markets –
Global shares were little changed on Friday in subdued
trading as investors hunkered down for key US inflation figures that will shape
the Federal Reserve’s thinking on interest rates when it meets mid-June.
The MSCI All Country Stock index was flat at
780.9 points, down nearly 2% on the week, though still up over 7% for the year.
In Europe, the STOXX index of 600 companies was lower and headed for a second
week of declines, though still likely to show gains for May.
Crude
Oil – Oil prices held steady on Friday as
investors awaited US inflation data for clues on the demand outlook before
turning attention to Sunday’s OPEC+ meeting to determine the state of supply
into next year.
Brent futures were up 14 cents, or 0.17%, at
$82.00 a barrel. U.S. West Texas Intermediate (WTI) crude was down 4 cents, or
0.05%, at $77.87.
Nifty futures opened at 22679.00 points against the previous
close of 22627.35 and opened at a low 22610.00 points. Nifty Future closed with
an average movement of 179.20 points and a decline of around 76.50 points and
closed 22703.85 points…!!
Currency
Watch – The Indian rupee declined on Friday,
pressured by month-end dollar demand from importers, with investors awaiting
the outcome of the country’s general elections for fresh cues.
The rupee ended at 83.4625 to the US dollar,
from 83.3175 in the previous session.
At the start of intra-day trading, June gold opened at Rs.71848,
fell from a high of Rs.72160 points to a low of Rs.71848 with a rise of 219 points,
a trend of around Rs.72115 and July Silver opened at Rs.93850, fell from a high
of Rs.94222 points to a low of Rs.92761 with a rise of 57 points, a trend of
around Rs.94150.
Meanwhile,
The pre-election trading strategy has come to an
end, and all eyes will be on the release of the exit poll for further action.
Regional diversions, marginally low voter turnout and strong resistance at
current range are prompting investors to adopt a cautious stance. They are
aligning their investments towards fundamentally strong sectors & stocks to
safeguard against any abrupt reactions in the market.
Technically, the
important key resistances are placed in Nifty future are at 22703 levels, which
could offer for the market on the higher side. Sustainability above this zone
would signal opens the door for a directional up move with immediate
resistances seen at 22808 – 22909 levels. Immediate support is placed at 22474 –
22303 levels.
Past Performance is not an Indicator of Future Returns. The
securities quoted are for illustration only and are not recommendatory.Investment
in securities market are subject to market risks. Read Disclaimer and related
all the documents carefully before investing, mentioned on www.nikhilbhatt.in
