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Market Commentary
Pre-Market views - June 9, 2022 - Reliance Securities
Posted On : 2022-06-09 08:58:18( TIMEZONE : IST )
Mr Mitul Shah, Head Of Research at Reliance Securities.
U.S. equities closed lower as investors remain concerned about the global economy while awaiting on key data about inflation. The S&P 500 fell 1.1%, the Dow Jones lost 0.8%, while the technology-heavy Nasdaq Composite Index slipped 0.7%. The yield on the 10-year Treasury note rose to 3.028%, up from 2.969%. The combination of slowing growth and rising prices has raised the concerns of stagflation where growth stalls but inflation drives up prices. Moreover, the Russia-Ukraine crisis continue to impact market sentiments.
Domestic equities closed lower after RBI hike repo rate by 50 bps to 4.9%. Nifty was down 0.4% while Nifty Mid-Cap and Nifty-Small Cap dropped 0.4% and 0.3% respectively. Sectoral indices ended mixed as, Nifty Realty witnessed the highest gained at 1.8%, followed by Nifty Media which was up 1.2%. Nifty FMCG was the major laggard which declined 1.1% followed by Nifty Pvt Bank which was down 0.5%. FIIs have net sold Rs 2,484 crore worth of shares, whereas DIIs remained net buyers, to the tune of Rs 1,900 crore.
Investors are still attempting to gauge the market's trajectory as global markets have also remained volatile due to FED's upcoming policy decisions and the Russia-Ukraine crisis which is affecting supply chain and logistics. RBI is looking at another phase of coordinated action between fiscal and monetary authorities. After RBI, US Fed also expecting rate hike in the coming weeks. The primary focus will be on central banks' policy measures to stabilize inflation. Changes in oil prices and amendments to import and export duties might play a role in assessing the movement of the market next week. The continued selling by FIIs and plunging rupee are likely to have economic implications in the near term. Globally, the Russia-Ukraine crisis and supply chain disruptions continue to impact global and Indian equities. The markets are likely to see gap down opening, SGX nifty is down 77 points compared to yesterday's spot Nifty closing. Asian Markets are trading mix, Nikkei is up 0.2% while Heng Seng is largely flat.
