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Market Commentary

Indian benchmark indices ended on a sharply negative note on 11th May amid rising crude oil prices following the lack of any breakthrough in the US - Iran peace talks . Weakness in the Indian Rupee along with continued selling pressure from the FII desk further weighed on overall market sentiment .

* At close, the Sensex declined 1,312.91 points or 1.70% to settle at 76,015.28 , while the Nifty fell 360 .30 points or 1.49 % to close at 23 ,815.85 .

* Broad - based selling pressure was witnessed across most sectors, with major weakness seen in Nifty Consumer Durables, Realty, PSU Banks, and Oil & Gas indices, which corrected between 2% and 4%. On the other hand, selective buying interest was observed in defensive pockets such as Healthcare and Pharma, which emerged as the only gaining sectors during the session .

* The broader market also remained under pressure, with the Nifty Midcap 100 index declining 1.05 %, while the Nifty Small cap 100 index slipped 1.13%, indicating weakness across the broader equity space

* Gift Nifty signals a negative opening for the Indian market . Volatility is likely to be high in today's session on account of the weekly expiry . Nifty spot in today's session is likely to trade in the range of 23 ,550 - 24 ,000

Global Updates

* Wall Street ended slightly higher on Monday, helped by chip stocks . However, moves remained small after a fresh diplomatic setback between Washington and Tehran .US market gains were limited after Trump rejected Iran’s latest proposal to end the war, while warning that a ceasefire with the country was on “massive life support .”

* Investors were also cautious as they geared up for U.S . inflation data later this week that could show a big impact from surging oil prices due to the war. The April consumer price index (CPI) and producer price index (PPI) reports are scheduled for Tuesday and Wednesday, respectively .

* Focus this week is also on a summit between U.S . President Donald Trump and Chinese President Xi Jinping .

* Asia - Pacific markets traded mixed on Tuesday morning trade as investors shrugged off fresh doubts over the fragile U.S .- Iran ceasefire

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