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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
04-Jun-2018     07:48

Market may open higher

Market is seen opening higher tracking positive leads from Asian markets and Friday's gains on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 43 points at the opening bell.

Overseas, Asian stocks were trading higher, tracking gains seen on Wall Street on Friday, 1 June 2018.

US stock-market indices jumped on Friday, following a a solid jobs data for May, while shrugging off concerns over Italian politics and trade wars.

The US labor market remains strong with 223,000 new jobs created in May, while the unemployment rate fell to an 18-year low of 3.8%. Wage growth was modest, with the yearly rate of pay rising to 2.7% from 2.6%. Receding fears about political upheaval in Italy also helped boost sentiment.

Despite the positive mood, trade concerns continued to linger after US-China trade talks yielded no major breakthroughs. China threatened that previous trade agreements negotiated by the countries will not take effect if the Trump administration goes ahead with a planned tariff increase.

US allies also took aim during a G-7 finance leaders meeting at metals tariffs imposed by the Trump administration.

On the US data front, the Institute for Supply Management said Friday that its manufacturing index rose to 58.7%, up 1.4% from April and a two-month high.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 202.80 crore on Friday, 1 June 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 337.97 crore on Friday, 1 June 2018, as per provisional data.

Key benchmark indices logged modest losses on Friday, 1 June 2018, weighed by data showing manufacturing PMI growth has slowed in May. The barometer index, the S&P BSE Sensex, lost 95.12 points or 0.27% to settle at 35,227.26. The Nifty 50 index lost 39.95 points or 0.37% to settle at 10,696.20.

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