India’s CPI for May came at 4.25% as compared to 4.7% in April and against estimate of 4.31%. IIP data for April 2023 came at 4.2% as compared to revise growth of 1.7% in March 2023.
Wall Street closes strong, S&P 500 and Nasdaq close at highest since April 2022. Oracle hit record high ahead of quarterly results as investor awaits inflation data & US Fed interest rate decision.
US CPI & Core CPI inflation data due today ahead of US Fed meeting outcome tomorrow. Wall Street going into event with positive trend as market trade near April 2022 highs.
F&O data: FII covered short & net addition in long position by 10481 contracts, FII long: short position stands at 49.29%:50.71%. Nifty PCR @ 0.92 Vs 0.84 previous.
Approach on Indices: SGX Nifty indicate around 40 – 50 points higher on positive global cues & lower CPI inflation data. Nifty could test around 18700 & Banknifty around 44360 before an important US CPI & Core CPI data. Indices remain in uptrend till Nifty @ 18458 & Banknifty @ 43552 holds and set to make fresh new high.
SGX Nifty @ 18751 up 52.50 points at 8:10 AM