Daily Markets Wrap - June 1, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed lower for the second consecutive session on June 01. Nifty opened flat, and started to fall mildly post 1145 Hrs. It made a bottom at 1445 Hrs post which a small recovery was seen. At close Nifty was down 0.23% or 37.9 points at 16546.7 Volumes on the NSE were lower than recent averages. Among sectors, Power, IT and Realty fell the most while Capital Goods, Metals and Banks rose the most. Smallcap index outperformed rising 0.69%.

The S&P Global India Manufacturing Purchasing Managers' Index (PMI) declined marginally in May to 54.6 from 54.7 a month back. Goods and Services Tax (GST) collections in India fell to Rs 1.41 lakh crore in May, down 16 percent from April's all-time high of Rs 1.68 lakh crore. On a year-on-year basis, GST collections in May were up 44 percent.

Asian markets fluctuated Wednesday following losses on Wall Street and data reminding traders that inflation shows no sign of easing. European shares gave up early gains on Wednesday as weak German retail sales and slowing factory activity in the euro zone blew worries about economic growth amid record high inflation.

Nifty has corrected the earlier upmove gradually and could see the next leg up soon. 16414 is an important support.

Source : Equity Bulls

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