IGI Logo

Market Commentary

Benchmark indices witnessed a choppy trading session on 7th May, with volatility remaining elevated due to the weekly expiry of Sensex . Despite supportive global cues and a sharp cool - off in crude oil prices, the market failed to sustain momentum at higher levels and traded within a volatile range throughout the session amid profit booking and expiry - led positioning .

* At close, the Sensex declined 114 points, or 0.15%, to settle at 77,844 .52 , while the Nifty slipped 4.30 points, or 0.02 %, to close at 24 ,326 .65 .

* On the sectoral front, the trend remained mixed . Positive contributions were witnessed from the Nifty Auto, Realty, Chemical, and Metal indices, while selling pressure was visible in Nifty IT, FMCG, and Consumer Durable stocks .

* The broader market outperformed the benchmark indices, with the Midcap 100 index achieving a fresh all time high and closing the session with a gain of 1.10%, while the Small cap index also advanced 0.87%, reflecting continued strength in broader market participation .

* Gift Nifty signals a negative opening for the Indian market . Nifty spot in today's session is likely to trade in the range of 24 ,100 - 24 ,500

Global Updates

* Profit Booking After Record Run : US markets saw mild pullback from all- time highs as investors booked profits following a strong multi -session rally .

* Mild Escalation in Middle East : Fresh incidents and statements from both sides in the US - Iran conflict led to some renewed caution, partially offsetting earlier peace optimism

* Oil Prices Extend Decline : Crude oil fell nearly 1% despite mild escalation concerns, on expectations of eventual supply normalization from the Strait of Hormuz .

* Asian markets traded mixed to lower this morning, tracking Wall Street’s mild correction and cautious investor sentiment . NI225 fell 252 .46 points (- 0.40 %) to 62 ,581.31, while XJO declined 97.2 points (- 1.09 %) to 8,780 .9. South Korea’s KOSPI traded marginally lower, and Hong Kong’s Hang Seng opened cautiously amid subdued regional cues .

Above views are of the author and not of the website kindly read disclaimer