Sensex, Nifty likely to open lower amid weak global cues

The Indian market is likely to open lower as the SGX Nifty fell 15 points to 15,762. Benchmark indices snapped a four-day gaining streak amid weak global cues. Sensex fell 150 points to 53,026 and Nifty lost 51 points to 15,799. The market breadth was negative with 1,521 stocks ending higher against 1,781 stocks falling on the BSE.

Markets are expected to start on a weak note and could see intra-day volatility, as today is the month of the month, traders would rollover their position to July series. Banks are expected to trade sluggish as the Indian Rupee hit an all-time low of 78.96 against the U.S. dollar amid recession concerns. The US Fed Powell said there is no guaranteed soft landing for the US economy, but sees that inflation can come down quickly as demand subsidies. The downside risk to the Nifty is likely only on any close to the 15,351 mark, while the hurdle is at its psychological 16,000 mark. Nifty's biggest hurdle is seen at 15,927 and then all eyes will be on the 16,157 mark. As traders roll out June F&O contracts to July series, volatility is likely to be a feature of Thursday's trade. Investors will react to a speech by Federal Reserve Chair Jerome Powell and the US GDP first quarter report later today. The Indian market is likely to open lower as the SGX Nifty fell 15 points to 15,762. The opening of the Indian market is predicted by the Singapore Stock Exchange.

Benchmark indices snapped a four-day gaining streak amid weak global cues. Sensex fell 150 points to 53,026 and Nifty lost 51 points to 15,799. The market breadth was negative with 1,521 stocks ending higher against 1,781 stocks falling on the BSE. There were no changes to the 148 shares.

The top Sensex losers were HUL, Axis Bank and Bajaj Finserv, which fell to 3.46 per cent. NTPC, Reliance Industries, Sun Pharma and Ultratech Cement were the top Sensex gainers, rising to 2.42 per cent.