Daily Markets Wrap - June 1, 2023 - HDFC Securities

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

Nifty closed lower for the second consecutive session on June 01 as mixed Asian markets dampened sentiments. At close Nifty was down 0.25% or 46.7 points at 18487.8. Broad market indices ended in the positive once again even as the advance decline ratio remained positive at 1.63:1.

European markets were largely higher on Thursday while Asian markets were mixed after the United States House of Representatives approved a debt ceiling and budget cuts package, avoiding a default crisis and Federal Reserve officials hinted at a pause in interest-rate hikes.

Eurozone May consumer price index was up 6.1% from the previous year, which was less than the 6.3% anticipated by economists polled by Reuters. Inflation was at 7% in April.

India's manufacturing purchasing managers' index surged to its highest level since October 2020, according to private surveys by S&P Global. The country's manufacturing PMI came in at 58.7, higher than the 56.5 expected by economists polled by Reuters. This is 22nd straight month that India's manufacturing sector remained in expansionary territory, and the highest in 31 months. Monitored companies indicated that better supply-chain conditions and sustained increases in input purchasing boosted inventory growth.

Nifty shows a corrective pattern over the past two days with small declines and a close above the intra day lows. It could reverse the downtrend from 18420-18432 band and face resistance at 18581 in the near term.

Source : Equity Bulls

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