Market will keep an eye on quarterly results and geopolitical situation
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Mumbai: The stock market slipped from the peak of 75 thousand points last week due to all-round selling by foreign institutional investors (FIIs) scared of the revised rules for re-examining investments in India through Mauritius. The last financial year of the companies will end next week. Quarterly results and geopolitical situation will remain under watch. Last week, BSE’s 30-share sensitive index Sensex slipped 3.32 points over the weekend to 74244.90 points, while National Stock Exchange (NSE) Nifty closed flat at 22519.40 points, rising 5.7 points. During this period, there was a mixed trend in the shares of medium and small companies of BSE. Midcap rose 78.49 points to 40909.03 points over the weekend while Smallcap fell 160.64 points to 45872.07 points.
According to analysts, investors’ hopes of a Federal Reserve interest rate cut in June were dashed due to higher than expected inflation, positive employment and manufacturing data in the US. Additionally, supply concerns as well as rising geopolitical tensions in the Middle West have pushed crude oil prices higher, impacting overall market sentiment. Meanwhile, gold prices witnessed a rise due to geopolitical uncertainties, increased central bank buying and increase in safe-haven demand. In contrast, European markets performed strongly last week after the European Central Bank (ECB) hinted at a possible rate cut in the near term.
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