Daily Markets Wrap - May 31, 2023 - HDFC Securities

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

Nifty ended lower on May 31, pulled down by weak global cues. At close, Nifty was down 0.53% or 99.5 points at 18534.4. Volumes on the NSE were the highest since Nov 2020 due to MSCI rebalancing trades. Broad market indices ended in the positive even as the advance decline ratio remained positive at 1.12:1.

Asian markets fell and European shares hit an over two-month low on Wednesday as weak economic data from China fuelled concerns about a global slowdown and countered optimism from signs of easing inflation in some of the major euro zone economies. Global markets were also nervous ahead of a vote by Congress on a deal to avert a government debt default.

Nifty ended May with a 2.6% gain driven by FPI flows and encouraging Q4 results. Nifty on Wednesday filled the upgap made on May 29. The fact that the Nifty did not close at the intra day low was reassuring. Nifty could now remain in the 18641-18432 band for the near term.

Source : Equity Bulls

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