Market Commentary

Post Market views - June 7, 2023 - Reliance Securities

Posted On : 2023-06-07 17:05:12( TIMEZONE : IST )

Post Market views - June 7, 2023 - Reliance Securities

Mr. Mitul Shah - Head of Research at Reliance Securities.

Indian equities ended higher ahead of RBI's interest rate decision. Nifty was up 0.7%. Broader markets continued to outperform with Nifty Mid Cap and Nifty Small Cap higher by 1% and 1.4% respectively. All of the sectoral indices ended in green. Nifty Realty (+1.6%), Nifty Metal (+1.5%) and Nifty FMCG (+1.1%) were the major gainers.

US stocks edged higher, led by financials and consumer discretionary stocks as investors consider the path forward for US monetary policy. Wall Street's S&P 500 closed 0.2% higher. The Nasdaq Composite was up 0.4% while the Dow ended flat. The yield on 10 year note ended at 3.66%. Meanwhile, investors looked for further signs that the Federal Reserve will resist raising rates next week, after data from the US Department of Labor last Friday showed wage growth moderated last month. China's May exports fell 7.5% YoY vs estimates of decline of 1.8%.

The RBI monetary policy committee's interest rate decision is due tomorrow. Consensus expectations are of a continued pause. Meanwhile, the onset of monsoon over India has gotten delayed.

Source : Equity Bulls


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