Marketbuzz Podcast with Ekta Batra: Sensex, Nifty 50 likely to open in red
Episode 1024, Jun 01, 2023, 03:11 AM
The US debt ceiling bill has cleared the House that has brought some relief with US futures recovering on June 1 while most shares in the Asian markets were trading higher too. SGX however, is still a bit soft and indicating a start in the red for Sensex and Nifty 50.
This is after the market snapped the four-day winning streak yesterday. There was a decline led by financials. One of the reasons was also China’s manufacturing activity which contracted faster than expected.
However, on a larger picture, the momentum seems to be intact as the FII continued to buy. Meanwhile, quarterly GDP data too came in better than estimates. The Q4 FY23 GDP was at 6.1 percent versus the CNBC-TV18 poll of 5.1 percent and for the full year FY23, it stood at 7.2 percent. Meanwhile, the fiscal deficit for FY23 has been met at 6.4 percent as per the government target.
One of the key macros which could also support the market today is crude. Oil is weak on the back of Chinese data, while a stronger dollar is hovering between $72 to $73 per barrel.
The next queue to watch out for will be the non-farm payroll data on Friday for the month of May from the US. Therefore, all eyes will be on that considering that the impasse with regards to the debt ceiling is now out of the way.
Tune in to Marketbuzz Podcast for more news and cues ahead of today’s market session
This is after the market snapped the four-day winning streak yesterday. There was a decline led by financials. One of the reasons was also China’s manufacturing activity which contracted faster than expected.
However, on a larger picture, the momentum seems to be intact as the FII continued to buy. Meanwhile, quarterly GDP data too came in better than estimates. The Q4 FY23 GDP was at 6.1 percent versus the CNBC-TV18 poll of 5.1 percent and for the full year FY23, it stood at 7.2 percent. Meanwhile, the fiscal deficit for FY23 has been met at 6.4 percent as per the government target.
One of the key macros which could also support the market today is crude. Oil is weak on the back of Chinese data, while a stronger dollar is hovering between $72 to $73 per barrel.
The next queue to watch out for will be the non-farm payroll data on Friday for the month of May from the US. Therefore, all eyes will be on that considering that the impasse with regards to the debt ceiling is now out of the way.
Tune in to Marketbuzz Podcast for more news and cues ahead of today’s market session