The Indian market opened higher today. The four day gaining streak snapped by the Benchmark indices 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.
9: 19 am: Sensex is up 180 points to 53,207 and Nifty gains 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 a new all-time low of 78.96 against the U.S. dollar and we expect banking stocks to trade sluggish amid recession concerns. Overnight, the US Fed Powell said that there is no guarantee of a 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 seen at the psychological 16,000 mark, while the downside risk is likely to be below the 15,351 mark. Nifty's biggest hurdle is seen at 15,927 and then all eyes will be on the 16,157 mark. Volatility is a concern for Thursday's trade as traders roll out June F&O contracts to July series. The investors will react to the 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 believed to be the first indication of the Singapore Stock Exchange.
The four-day gaining streak of the benchmark indices ended with 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.
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.