GIFT Despite weakness in Nifty, domestic stock markets opened on a strong note on Friday. However, after that the pace of the market seemed to slow down a bit. At 09:30 am, Sensex closed at around 75,909, up by 41 points. Nifty remained flat and traded around 23,908. Bank Nifty was trading at around 54,960 with a gain of 121 points. Earlier, during the early session, Sensex had gained 300 points. Similarly, Nifty gained 40 points and reached the level of 24,000. Bank Nifty gained 140 points, and IT and banking stocks saw strong gains.
The IT index gained 2.5%. Wipro, Infosys, Coforge and Persistent gained 3%, 3.8%, 3% and 3% respectively. Some weakness was seen in indices like FMCG, Metal and Consumer Durables. Among the companies included in Nifty 50, Infosys, Wipro, HCL Tech, Coal India, Trent, TCS and Maruti saw the maximum gains. In contrast, Bharti Airtel declined 1.5%. The biggest decline was seen in ONGC, Eicher Motors, BEL, HDFC Bank, Max Health, Adani Ports and IndiGo. In the morning, GIFT Nifty was trading near 23,900 levels, down by almost 100 points. However, the global signals are not entirely negative; Geopolitical tensions eased somewhat on news of a possible ceasefire between the US and Iran, while US markets closed at record highs. Today, market movements are likely to be influenced by factors such as crude oil prices, FII selling, quarterly results of major companies and OFS (Offer for Sale) of Coal India.
Hope for US-Iran ceasefire; signs of stress reduction
Hopes of reducing tension between America and Iran have increased. Following a series of attacks yesterday, US news agency Axios reported that the two countries have agreed to a 60-day ceasefire; However, the agreement is still awaiting final approval from US President Donald Trump. If this agreement goes ahead, risk appetite in global markets may increase, and volatility in crude oil prices may also reduce.
US market at record high
US markets continued to rise, despite US inflation hitting a three-year high. The Dow Jones hit a new high for the second consecutive day, while the Nasdaq closed at a record high, up 260 points – led by buying in tech stocks. The S&P 500 also touched a new high.
Important meeting on India-US trade agreement
Activities related to trade agreement between India and US have intensified. A US delegation will be visiting India from June 1 to June 4. During the visit, the main point of discussion will be the finalization of the interim trade agreement. Market experts will be closely watching the signals coming from these conversations.
Gift Nifty weak; FII selling continues
Gift Nifty is trading near 23,900 levels, indicating a weak start for the Indian markets. In contrast, foreign investors remained in a selling mood for the second consecutive day. FIIs sold a total of ₹3,337 crore in cash, index and stock futures segments. However, domestic funds were seen buying for the eighth consecutive day, buying shares worth ₹3,821 crore.
Movement in crude oil, gold and silver
Amid market volatility, Brent crude oil continued to trade near $93 per barrel. Meanwhile, in the domestic market, silver surged by ₹3,325 to cross the ₹2.69 lakh mark, while gold prices also rose by ₹1,300 to close at ₹1.57 lakh.
Focus on strong and weak results
Alkem Labs reported better-than-expected results for the March quarter. Ashok Leyland’s performance was in line with expectations, while GMR Airports’ results were mixed. On the other hand, PG Electroplast and Bharat Dynamics had very weak results. Today, the market’s focus will be on the results of Asian Paints and Interglobe Aviation. Meanwhile, results from Glenmark Pharma, Inox Wind, IREDA and NMDC are expected in the F&O segment.
Signs of big rise in Wipro
Wipro has extended its partnership with ServiceNow. The company has expanded its agreement on agentic AI workflow. After this news, Wipro’s ADR jumped by almost 18%, the effect of which can also be seen in the local stock today.
Big block deal possible in PB Fintech
A big block deal worth around ₹663 crore is likely to happen in PB Fintech today. According to reports, founders Yashish Dahiya and Alok Bansal may sell around 0.8% stake at a floor price of ₹1,720 per share.
*Call India’s OFS will open for retail investors today
Call India’s Offer for Sale (OFS) will open for retail investors today. In the non-retail category, the issue was subscribed more than eight times. Given the strong demand, the government will exercise the over-subscription option to sell additional 1% stake.
Shock from Supreme Court for online gaming companies
The Supreme Court has upheld the decision to impose 28% GST on online gaming companies. Many companies, including Delta Corp, had filed an appeal challenging this decision. Despite the weakness in Gift Nifty, domestic stock markets opened on a strong note on Friday. However, after that the market momentum seemed to slow down a bit. At 09:30 am, Sensex closed at around 75,909, up by 41 points.
