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Selling pressure in markets before US inflation data

15 May 2024

Mumbai (Maharashtra) [India], May 15 (ANI): Indian benchmark indices on Wednesday deviated from their three-day winning streak and concluded in negative territory amidst cautious sentiment of investors preceding the release of crucial US inflation data and the ongoing elections.

Nifty 50 index closed with a dip of 17 points at 22,200.55 while the Sensex declined by 117.5 points to close at 72,987.

"Today we saw the broader markets outperforming while the Sensex and the Nifty were muted. We expect this sideways and range bound trend to continue till the June 4th Election results announcement. US CPI this evening will be a catalyst for global markets, but Indian markets are moving to a domestic tune, that is inordinately pessimistic for now," said Ajay Bagga, Banking and Market expert.

Among the constituents of Sensex, 16 out of 30 stocks ended in negative territory, with Tata Motors, Asian Paints, and HDFC Bank leading the declines, while Bharti Airtel and Power Grid Corp emerged as top gainers.

On the Nifty 50 front, 23 out of 50 stocks ended in the green, with Coal India and Cipla among the notable gainers, and Tata Motors and Bajaj Auto among the prominent decliners.

"The market tried to recover today after the volatility index slightly cooled off in the hope that the Vix would reduce further, but then the Vix maintained its level and was trading in green, hence some profit booking. It was almost a flattish close with no further buying," said Vivek Karwa, Vridhi Investment.

In broader market indices, the BSE SmallCap index gained 0.96 per cent, and the BSE MidCap closed 0.60 per cent higher. The PSU Bank and Realty indices were the top gainers for the day, while FMCG, Auto, Bank, and Financial Services sectors faced downward pressure.

"In the global equities arena, European stocks advanced, and US equity futures remained stable amid anticipation of the US consumer price index report. Commodity markets saw oil prices rising after a report indicated shrinking US stockpiles, while gold steadied after a previous surge" said Varun Aggarwal, MD, Profit Idea. (ANI)

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