Despite encouraging indicators like an unexpected GDP rise, a substantial surge in manufacturing operations hitting a two-and-a-half-year record and an uptick in car sales, the benchmark indices ended with minor losses on June
1. The market opened flat due to mixed global cues and remained rangebound throughout the session. Nonetheless, a late sell-off in the final hour triggered a fall, dragging the indices to close at their lowest point of the day.
NIFTY: The index opened 45 points higher at 18,579 and reached 18,580 before closing at 18,487. Nifty remained rangebound throughout the day and selling pressure prevalence was seen during market closing. Its immediate resistance level is now at 18,600 while support is at 18,400.
BANK NIFTY: The index opened 44 points higher at 44,172 and closed at 43,790. Bank Nifty slipped 0.77%, forming a bearish candle on the daily chart. Its immediate resistance level is now at 44,000 while support is at 43,600. RSI on the daily chart is at 55 and can be seen in the falling phase, implying weakness.
Stocks in Spotlight
- India's GDP figures exceeded expectations, recording a growth of 6.1% in Q4, marking the first increase in three quarters.
- Manufacturing PMI expanded to a 31-month high of 58.7 in May from 57.2 in April
- Olectra Greentech: Stock made a new 52-week high, doubling returns in 3 months. The company posted a 52% YoY rise in consolidated net profit at Rs 27.01 crore.
- 3M India: Stock jumped 3%, hitting a 52-week high on strong Q4 results. Quarterly net profit rose 24% YoY to Rs. 136 crores.
- Asia-Pacific markets end mostly higher after the bill to raise the US debt ceiling was passed in the House of Representatives.
- Caixin China General Manufacturing PMI hits an 11-month high.
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