The Indian market opened higher today. The four day gaining streak ended with the indices of the Benchmarks loosing ground 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.
11: 15 am: Sensex gains 75 points to 53,102 and Nifty gains 4 points to 15,803.
After the stock turned ex-bonus today, the shares of Ratnamani Metals Tubes increased by more than 16 per cent. A bonus share will be issued for every two shares held by the existing shareholders. The bonus issue of shares was announced on May 18, 2022. 9: 19 am: Sensex rose 180 points to 53,207 and Nifty gained 55 points to 15,855 in early trade.
The markets are expected to start on a weak note and could see intra-day volatility, as today is the month's end of the month, traders would rollover their derivatives position to July series. The Indian Rupee hit an all-time low of 78.96 against the U.S. dollar, and we expect banking stocks to trade sluggish due to the recession concerns. Overnight, the US Fed Powell said there was no guarantee of 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 to only be above the 15,351 mark, while the hurdle is seen at the psychological 16,000 mark. Nifty's biggest hurdle is seen at 15,927 and then all eyes will be on the 16,157 mark. The traders will roll out June F&O contracts to July series as volatility is likely to be a hallmark of Thursday's trade. The investors will react to the speech of 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 believed to be the first indication of the Singapore Stock Exchange.
The four day gaining streak of benchmark indices snapped amid weak global cues. Sensex fell 150 points to 53,026 and Nifty lost 51 points to 15,799. Market breadth was negative with 1,521 stocks ending higher against 1,781 stocks falling on the BSE. 148 shares were unchanged.
HUL, Axis Bank and Bajaj Finserv were the top Sensex losers, falling to 3.46 per cent. NTPC, Reliance Industries, Sun Pharma and Ultratech Cement were the top Sensex gainers, rising to 2.42 per cent.