The Indian equity benchmarks remained almost unchanged for the week ended June 2 even after hitting a five-month high on buying in broader indices, the outperformance of realty stocks, and better macro and auto sales data. During the week, the 30-pack Sensex gained 45.42 points to close at 62,547.11 and the broad-based Nifty rose 34.75 points to end at 18,534.1.
The broader market, however, did better. For the week, the BSE midcap index rose nearly 2 percent and the small-cap index added 2.4 percent. The large-cap index ended flat. "Global markets were mixed as concerns about a weak global growth outlook persisted. India's Q4FY23 GDP growth improved to 6.1 percent and surprised on the upside," Shrikant Chouhan, Head of Equities Research (Retail), Kotak Securities, said.
India's GDP numbers beat expectations to rise 6.1 percent in the January-March quarter. Manufacturing PMI, too, expanded to a 31-month high of 58.7 in May from 57.2 in the previous month. BSE realty, healthcare and auto indices gained around 1.5-3 percent during the week, he said. BSE oil & gas and energy index corrected around 3 percent.
The auto index got a boost from May sales. Bajaj Auto reported a 29 percent jump in sales in the month at 3,55,148 units and Escorts Kubota reported highest-ever figures for May by selling 9,167 tractors, while Mahindra & Mahindra's sales were up 14 percent YoY. The Nifty realty index gained nearly 4 percent, media 3 percent and healthcare added 2.5 percent. The oil & gas index was down.7 percent and the energy index was nearly 2 percent.
Where is Nifty50 headed?
Rupak De, senior technical analyst, LKP Securities
The Relative Strength Index (RSI) has shown a bearish crossover, indicating a potential downturn in prices. The overall sentiment in the market is expected to remain sideways, indicating a lack of clear direction in the near term. The Nifty is likely to find support at 18,450-18,500, while resistance levels are anticipated at 18,650 and 18,800.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty consolidated during the week but will likely resume the uptrend in the coming week. From a short-term perspective, we maintain our positive outlook on the index for a target of 18,800. The level of 18,460- 18,420 will act as the crucial support zone, while the hurdle is at 18,600–18,660.
The broader market, however, did better. For the week, the BSE midcap index rose nearly 2 percent and the small-cap index added 2.4 percent. The large-cap index ended flat. "Global markets were mixed as concerns about a weak global growth outlook persisted. India's Q4FY23 GDP growth improved to 6.1 percent and surprised on the upside," Shrikant Chouhan, Head of Equities Research (Retail), Kotak Securities, said.
India's GDP numbers beat expectations to rise 6.1 percent in the January-March quarter. Manufacturing PMI, too, expanded to a 31-month high of 58.7 in May from 57.2 in the previous month. BSE realty, healthcare and auto indices gained around 1.5-3 percent during the week, he said. BSE oil & gas and energy index corrected around 3 percent.
The auto index got a boost from May sales. Bajaj Auto reported a 29 percent jump in sales in the month at 3,55,148 units and Escorts Kubota reported highest-ever figures for May by selling 9,167 tractors, while Mahindra & Mahindra's sales were up 14 percent YoY. The Nifty realty index gained nearly 4 percent, media 3 percent and healthcare added 2.5 percent. The oil & gas index was down.7 percent and the energy index was nearly 2 percent.
Where is Nifty50 headed?
Rupak De, senior technical analyst, LKP Securities
The Relative Strength Index (RSI) has shown a bearish crossover, indicating a potential downturn in prices. The overall sentiment in the market is expected to remain sideways, indicating a lack of clear direction in the near term. The Nifty is likely to find support at 18,450-18,500, while resistance levels are anticipated at 18,650 and 18,800.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty consolidated during the week but will likely resume the uptrend in the coming week. From a short-term perspective, we maintain our positive outlook on the index for a target of 18,800. The level of 18,460- 18,420 will act as the crucial support zone, while the hurdle is at 18,600–18,660.
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