June 21, 2024 / 8:30 AM
Sensex Today | Indian markets likely to open flat to slightly down – Deepak Jasani, Head of Retail Research, HDFC Securities
The S&P 500 and Nasdaq closed lower on Thursday, as Nvidia pulled back from a day earlier’s gains while investors focused on recent economic data and comments from the Federal Reserve to gauge when interest rates might be cut this year. Stocks fell after a rally to record highs prompted calls for a short-term pullback amid signs of buying fatigue.
Economic data released on June 20th showed that the U.S. unemployment rate continues to rise. The Labor Department reported that jobless claims for the week ending June 15th increased by 5,500 from the previous week to 238,000. This is the highest level since September 2023.
The Bank of England kept interest rates unchanged at 5.25%, in line with market expectations, as traders expect the bank to cut rates in August following dovish signals from policymakers.
According to a report released on June 20 by the United Nations Conference on Trade and Development (UNCTAD), India dropped seven places to 15th in the global investment rankings for 2023, due to a 43% drop in foreign direct investment inflows to $28 billion. In terms of greenfield projects, India ranked fourth behind the US, UAE and UK with 1,058 projects. Last year, India was in eighth place, attracting $48 billion in investment.
The Union Cabinet has approved an increase in minimum support prices for 14 crops for the upcoming kharkh season.
Asian stocks also fell following a drop in US stocks overnight.
Nifty recovered from previous day’s decline and ended higher in a volatile session on June 20. At the close, Nifty rose 0.22% or 51 points to 23,567. Nifty rose moderately after a volatile session on June 20. It formed another long legged cross forming a sideways pattern. Nifty is likely to remain in the range of 23,413-23,664 in the short term.
