Market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
US: Markets were closed on Monday Asia: Asian shares opened cautiously on Tuesday as investors awaited new trade developments that could influence demand for US assets.
India: The benchmark equity indices closed higher on Monday as it continued to rise for a second session in row.
Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy China’s industrial profits picked up pace in April, official data showed, signalling economic resilience in the face of trade tensions with the United States and lingering deflationary pressures at home. Industrial profits rose 1.4% YoY in the January-April period to 2.1 trillion yuan ($292.28 billion), according to official data, following a cumulative 0.8% increase in the first quarter that had reversed a 0.3% drop over the first two months. In April alone, profits rose 3.0%, versus a 2.6% rise in March
A leading indicator of Japan’s service-sector inflation hit 3.1% in April, keeping alive expectations of further interest rate hikes by the central bank. Service-sector inflation is being closely watched by the Bank of Japan for clues on whether prospects of sustained wage gains will prod firms to continue raising prices, and keep inflation sustainably around its 2% target. The April year-on-year gain in the services producer price index, which measures the price companies charge each other for services, followed a revised 3.3% increase in March, BOJ data showed.
Commodities: Oil prices eased on Tuesday as market participants weighed the possibility of an OPEC+ decision to further increase its crude oil output at a meeting later this week. Gold prices edged up on Tuesday, supported by a weaker dollar and concerns over the U.S. fiscal outlook, while investors looked for further clarity on trade policy after U.S. President Donald Trump postponed a planned tariff hike on European goods.
Currency: The dollar struggled to regain its footing Tuesday as investor concerns over a sweeping tax and spending bill and its implications for the U.S. debt profile continued to undermine sentiment towards U.S. assets.
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On technical grounds, Nifty has an immediate support at 24940 - Nirmal Bang Ltd
