Key indices border reduced in directionless trading
Mumbai: Market criteria acquired losses for the 2nd straight session on Tuesday, in tandem with a lacklustre pattern in international equities as bother with financial recuperation as well as rising cost of living maintained belief controlled. A weak rupee as well as consistent international fund discharges even more considered on the bourses, investors claimed.
The 30-share BSE Sensex opened up higher, yet might not continue the energy in see-saw profession. It lastly shut 236 factors or 0.43 percent reduced at 54,052.61. On comparable lines, the wider NSE Nifty went down 89.55 factors or 0.55 percent to finish at 16,125.15.
“Anxiety of slowing economy and rising interest rates underpinned by soaring inflation continued to haunt the global market. The UK and Eurozone composite PMI registered the slowest rise in business activity in the month of May, worsening global investor risk sentiment. On the domestic front, while all major sectors succumbed to the pressure, the auto sector bucked the market trend this month gaining on fuel price cut and rise in steel custom duty,” claimed Vinod Nair, head (research study) atGeojit Financial Services
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, claimed: “The cautious optimism seen in early trades failed to generate healthy gains as weakness in other Asian peers and pessimism in European gauges triggered last hour selling. Investors are waiting for the minutes of the US FOMC meeting, which will provide cues on the central bank’s rate-hike direction going ahead. Also, there is a lot of skepticism amongst investors over interest rate hikes in the near term and its impact on growth going ahead.”