The Nifty touches 16400 points and the Sensex ends the day in the red. Metals shares dragged while automobiles also came under pressure.
At the end of the day, the Sensex was down 37.78 points at 54,288.61, while the Nifty maintained 51.50 points which are 0.32% lower at 16,214.70.
The day started firm but the market couldn’t hold to an early upsurge and ended marginally lower. The index tested the 164000 points where it has been facing resistance recently. The Nifty metal index is witnessed massive sales and there is the possibility that there is going to be more sell-off.
Gainers and losers:
Maruti Suzuki India, V Mart retail, and Cochin shipyard registered gains of 4%, 8% and 19 %, followed by M&M, HUL, and Larsen & Turbo’s decent gains. The losers of the day were Tata Steel, Nifty Metal, Ultratech Cement, and ITC tanking 12.24%, 9%, 3% and 2.2% respectively.
Zomato:
Zomato revealed the Q4 2022 report card. It lost Rs 359 in just the last quarter.
RBI STATUS:
RBI governor said that it is comfortably placed to finance the current account deficit as it does not expect a big jump in CAD. RBI is to announce revised projections on inflation in the June MPC meeting. According to the last projection, inflation is supposed to be at 5.7% per cent for the full financial year 2024.
US stocks open higher:
Wall street’s main indexes opened higher, riding on the growth of bank stocks. Last week S&P 500 hovered at a low point but it opened 18.06 points higher on Monday, and the Dow Jones industrials rose 133.99 points at the open to 31,395.89.
PSU BANKS:
All public sector banks registered growth which is a good sign of the economic health of the country. Punjab National Bank registered the highest 1.84% growth, followed by the State Bank of India with 1.69%
Moody predicts heatwave to exacerbate inflation and economic growth:
Moody’s investor’s service wrote that the prolonged heatwave will prove credit negative for India. And it is destined to make Indian economic growth more volatile as in future there will be more extreme cases of climate-related shocks.
The country should be prepared for difficult times and make our economic foundations stronger with reforms and continuous growth.
Edited by: Aaradhana Singh
Read More – Nifty rises beyond 17,500 as the Sensex soars 127 points in early trading
