Sensex, Nifty set for muted start as US data adds to rate cut woes

India’s equity benchmarks BSE Sensex and NSE Nifty50 are set for a muted start on Friday, after notching up record highs in the previous session, as robust economic data in the US dampened hopes of early interest rate cuts.

India’s equity benchmarks BSE Sensex and NSE Nifty50 are set for a muted start on Friday, after notching up record highs in the previous session, as robust economic data in the US dampened hopes of early interest rate cuts.

The Gift Nifty was trading at 22,975 as of 7:58 a.m., indicating the Nifty 50 will open near Thursday's close of 22,967.65.

Indian benchmarks closed at all-time high levels, and posted their best session since March 1 on Thursday, as the central bank's record dividend to the government boosted financials.

"We are seeing some short covering in the market. If the election outcome aligns with current market expectations, we expect Nifty to reach new highs in the first week of June," Neeraj Chadawar, Head – Fundamental and Quantitative Research at Axis Securities said.

Indian shares' volatility index has been hovering around 19-month highs amid uncertainty around outcome of general elections and sustained foreign selling pressure.

Foreign investors have sold Indian shares worth ₹27,938 crore so far in May, the highest since January 2023.

Wall Street indexes declined overnight as strong labour market and business activity data fueled concerns over tighter-for-longer monetary policy.

Asian peers were also lower with the MSCI Asia ex-Japan falling about 1 per cent.

STOCKS TO WATCHInterglobe Aviation: IndiGo airline operator's fourth quarter profit doubled beating analyst estimates while the airline said it will introduce business class on some domestic flights this year.

Honasa Consumer: Skincare firm Mamaearth's parent posted a fourth-quarter profit compared to a loss year ago as consumers stocked up beauty and personal care products.

Key earnings: Aluminium and copper producer Hindalco Industries, automaker Ashok Leyland and JM Financial

Like (0)
Previous May 24, 2024 7:40 pm
Next May 24, 2024 7:40 pm

Related posts

  • HSBC acquires 6.125% stake in CCIL IFSC

    HSBC, a leading global bank and financial services major, has through its branch in Gift City executed transaction documents to acquire 6.125 per cent equity stake in CCIL IFSC Limited (CCIL IFSC). The investment value for this transaction stood at ₹6.125 crore.

    stock index May 24, 2024
  • It is reported online that another product of Moutai has been discontinued.

    National Liquor Time and Space News: Recently, some market participants said that Huamao Jianzang, a subsidiary of Moutai, has ceased production. It is reported that Huamao·Jianzang is produced by Kweichow Moutai Co., Ltd. and is the master of Huamao series products. It has the attributes of scarcity, storytelling, uniqueness, inheritance, altar decoration and collection. According to the Huamao Liquor official account, Huamao·Jianzang is carefully prepared by senior bartenders who select high-quality vintage alcohol. It is packaged in 3L collection-grade jars. The output is extremely scarce and it is a veritable masterpiece. Huamao·Jianzang is the first to create 3L large altar vessels. Products in this specification account for a relatively small proportion of the Moutai family. In addition, due to the large capacity and good esterification effect and small circulation, they have high collection value and room for appreciation. , Huamao·Jianzang has attracted the collection of high-end people. The market source revealed that Huamao Jianzang currently only has products for 2022/2023. In this regard, the market person said that the suspension of production of Huamao Jianzang means that there is room…

    stock index April 25, 2024
  • AIFs reel as regulatory diktats mount

    Alternative investment funds (AIFs) are reeling under a host of compliance requirements resulting in higher cost and regulatory overlaps.

    stock index May 14, 2024
  • I want to get on the train after three consecutive positive days in Hong Kong stocks, but is it still too late?

    Faced with such a situation, many people may want to ask: Can the current Hong Kong stock market still get on board? The answer is yes: in time.

    stock index April 25, 2024
  • A female technician from the eastern suburbs \”seduces\” her and adds extra time? Customer service response: The cooperative relationship cannot be forced.

    Special topic: Is \”big health care\” going to be launched too? 20,000 door-to-door massage technicians supported Dongjiao Daojia\’s IPO. Related reports: \”If you don\’t control it, it\’s a violation of the law!\” A man said that he was \”seduced and extra-charged\” by the technician when he made an appointment for massage. Dongjiao Daojia responded. According to media reports, there were consumer complaints [ Download the Black Cat Complaint Client] claimed that he made an appointment for a Chinese massage on the Dongjiao Daojia platform, and the female technician suddenly lay on top of him, touched his private parts extensively, and asked for an extra hour. In this regard, on April 25, Dongjiao Daojia customer service stated that the company has paid attention to this matter and has currently reported it to relevant departments to verify the authenticity of the video taken by the consumer. “After verification, no matter which party it is from, Those involved will be dealt with and held responsible for legal liability. Another customer service representative from Dongjiao Daojia said that the platform “does not allow any…

    stock index April 25, 2024
  • Fed Governor Bowman reiterates that inflation will remain high for some time

    Federal Reserve Governor Michelle Bowman reiterated that she expects inflation to remain high for some time, but she still believes that with interest rates maintained at current levels, price pressures will eventually subside.

    stock index May 19, 2024