Indian market recovered from lows to close flat as F&O expiry limit the downside. BAJAJ-AUTO, ADANIENT, BHARTIARTL & ITC lead the recovery on Nifty.
U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government’s $31.4 trillion debt ceiling for two years.
Crude oil continues to trade lower on economic worries, Gold below $1950 & US 10-year bond yield @ 3.81%.
F&O data: FII starts June-23 series with net long position of 18787 contracts in Index futures. Nifty PCR @ 1.11 Vs 1.00 previous. Banknifty PCR @ 0.90 Vs 0.76 previous.
Approach on Indices: Indices continue to trade in range and currently trading near upper end of the range, Nifty @ 18131 & Banknifty @ 43181 remain key support for indices to remain in uptrend.
Market View: Market starting new F&O series on light note as focus continue to remain on U.S. debt ceiling limit. We will continue to focus on MSCI rebalancing on 31-May-23. Stocks which will have net inflow will continue to remain upbeat until 31-May-23.
SGX Nifty @ 18434 down 32.50 points at 8:30 AM