Markets likely to open on a muted note taking cues from Asian peers
Indian equity markets are likely to open on a muted note on Wednesday, as cues from Asian markets are mixed. The muted trend in the SGX Nifty, which was trading with modest gains of 1 point at 9,517, indicated that domestic bourses may open on a flattish note.
Now, going forward, Nifty50 needs to sustain above the level of 9,520 to extend its upward move toward the levels of 9,550-9,600. On the downside, immediate support stands at the level of 9,490, and if this support is breached, the next support is placed around the level of 9,455.
The key results for the day are Hindustan Unilever, Bajaj Finance, JK Lakshmi, Allahabad Bank, Bajaj Finserv, JSW Steel, MRPL.
Back home, India markets closed at a record high on Tuesday, with Nifty scaling above the 9,500-mark for the first time ever. Investors' sentiments were lifted on Indian Meteorological Department's reports of earlier than expected arrival of monsoon hitting the southern coast of Kerala on May 30.
On Tuesday, the US stocks closed mixed. The Nasdaq Composite closed at a record for the second session in a row, while the Dow Jones and S&P 500 finished marginally lower. The Nasdaq Composite Index advanced 20 points to end at a record 6,170, while the Dow Jones Industrial Average slipped 2 points to close at 20,980. The S&P 500 closed 2 points lower at 2,401.
Asian Markets are mostly trading in the negative terrain on Wednesday tracking mixed cues from the US market. Japan’s Nikkei 225 has fallen 77 points. Hong Kong’s Hang Seng has lost 9 points and China’s Shanghai Composite is trading with loss of 1 point.
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