• Miki

Nifty settles at 16,584 ahead of GDP data as the Sensex snaps a three-day winning streak and loses 3

Before the release of the Q4 (March quarter) GDP figures and amidindicesfrom Shortlyto a gloomy global outlook, key benchmark indices ended their three-day winning streak on Tuesday. The S&P BSE Sensex dropped 359 points or 0.64 percent to close at 55,566. The Nifty50 on the NSE fluctuated throughout the day between 16,522 and 16,691 before closing at 16,584.5, down 77 points or 0.46 percent. Contrarily, the larger BSE MidCap and SmallCap indices saw increases of 0.5% and 0.7%, respectively.

The biggest gainers on the Nifty50 index were ONGC, M&M, NTPC, Coal India, PowerGrid, SBI Life, Apollo Hospitals, JSW Steel, and Britannia Industries, increasing from 2% to 5%. Sun Pharma, Kotak Bank, HDFC, SBI, Reliance Industries, Shree Cement, and HDFC Life all had declines of up to 3.5%.

Sector-wise, indexes concluded with mixed results, with the Nifty Realty index rising 2.2% and the Nifty PSU Bank index declining 1.1%.

Among stocks, LIC decreased by more than 2%. The world's largest insurer posted a net profit of Rs 2,371.55 for the March quarter, a decrease of 18% from the net profit of Rs 2,893 crore in the same quarter of the prior fiscal year.

"After a mild Core inflation reading on Friday in the US, which suggested that US inflation might have peaked, we saw a risk-on surge throughout the globe today following US cues," said Naveen Kulkarni, chief investment officer at Axis Securities. Shortly, we anticipate that Indian markets will continue to be volatile and trade in a wide range of 1000–1200 points on the Nifty. We think that to potentially raise their stock allocation and create wealth, this volatility should be used. In the current context, we think the auto, private sector banks, and agricultural inputs should perform better than the market.

Global Cues

Due to Memorial Day, the US stock market was closed on Monday. Additionally, there was no trade in US bonds or Treasury securities. The stock futures did, however, trade, albeit briefly, until 1:00 PM ET.

After significant gains the day before, Tokyo markets opened lower on Tuesday as investors awaited the release of Chinese GDP data later in the day. Early trading saw a 0.25 percent, or 69.75 points, decline in the benchmark Nikkei 225 index and a 0.31 percent, or 5.93 points, the decline in the larger Topix index, which was trading at 1,916.51.

After two days of intense buying that raised the market by about 5%, traders took a break as Hong Kong stocks opened Tuesday morning marginally lower. The Hang Seng Index fell by 17.52 points, or 0.08 percent, to 21,106.41. The Shenzhen Composite Index on China's second exchange was also unchanged, gaining 0.81 points to 1,976.70 while the Shanghai Composite Index hardly changed, rising 0.88 points to 3,149.94.

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