Market Savera - 05/06/2024
Update: 2024-06-05
Description
US stocks tossed between negative and positive territory on Tuesday, finishing narrowly in the green as investors shifted their rate-cut expectations after more weaker-than-expected economic data.
US job openings fell in April to their lowest level since February 2021 (8.1 million, confounding economists' estimates for an increase to 8.37M) as the labor market shows further signs of rebalancing.
China's services activity in May accelerated at the quickest pace in 10 months while staffing levels expanded for the first time since January, pointing to sustained recovery in the second quarter. The Caixin/S&P Global services purchasing managers' index (PMI) rose to 54.0 from 52.5 in April, expanding for the 17th straight month and growing at the fastest pace since July 2023.
Asian markets traded with a mixed outlook on Wednesday following higher close of US indices on renewed expectations of rate cuts by the Federal Reserve due to a cooling US labour market.
GPT Infraprojects received an order of Rs 547 crore
Tata Motors’ finance unit to merge with Tata Capital
Shilpa Medicare filed Type IV DMF of recombinant Human Albumin 20%
Nifty tumbled to log its worst session in over four years on June 04 as vote counts from the nation's marathon elections indicated that the incumbent Bharatiya Janata Party might be reliant on alliance partners to return to power for a third time. At close, Nifty was down 5.93% or 1379.4 points at 21884.5.
Nifty crashed on June 04 as vote count suggested weaker than expected performance by the NDA.
While clarity on the final outcome and formation of the new Govt could take some more time, Nifty could fluctuate between 21710 to 22417 in the near term.
Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on June 04.
US job openings fell in April to their lowest level since February 2021 (8.1 million, confounding economists' estimates for an increase to 8.37M) as the labor market shows further signs of rebalancing.
China's services activity in May accelerated at the quickest pace in 10 months while staffing levels expanded for the first time since January, pointing to sustained recovery in the second quarter. The Caixin/S&P Global services purchasing managers' index (PMI) rose to 54.0 from 52.5 in April, expanding for the 17th straight month and growing at the fastest pace since July 2023.
Asian markets traded with a mixed outlook on Wednesday following higher close of US indices on renewed expectations of rate cuts by the Federal Reserve due to a cooling US labour market.
GPT Infraprojects received an order of Rs 547 crore
Tata Motors’ finance unit to merge with Tata Capital
Shilpa Medicare filed Type IV DMF of recombinant Human Albumin 20%
Nifty tumbled to log its worst session in over four years on June 04 as vote counts from the nation's marathon elections indicated that the incumbent Bharatiya Janata Party might be reliant on alliance partners to return to power for a third time. At close, Nifty was down 5.93% or 1379.4 points at 21884.5.
Nifty crashed on June 04 as vote count suggested weaker than expected performance by the NDA.
While clarity on the final outcome and formation of the new Govt could take some more time, Nifty could fluctuate between 21710 to 22417 in the near term.
Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on June 04.
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