June 21, 2024 / 08:30 AM IST
Sensex Today | Indian markets could open flat to mildly lower views Deepak Jasani, Head of Retail Research at HDFC Securities
The S&P 500 and Nasdaq closed lower on Thursday, as Nvidia retreated from earlier gains, while investors looked at recent economic data and commentary from Federal Reserve officials to determine the timing of interest-rate cuts this year. Stocks retreated after a rally to all-time highs prompted calls for a near-term pullback amid signs of buyer fatigue.
Economic data released on June 20 indicated that unemployment in the US continues to rise. The Labor Department reported that fillings for jobless benefits reached 238,000 for the week ended June 15, up 5,500 from the previous week. This is the highest level since September 2023.
The Bank of England kept interest rates unchanged at 5.25 percent, which came in line with the market’s expectations.Traders are betting the Bank of England will cut rates in August after dovish signals from policymakers.
India slipped seven ranks to 15 in the World Investment Ranking in 2023 as foreign direct investment inflows fell 43 percent to $28 billion, a report released by the United Nations Conference of Trade and Development (UNCTAD) showed on June 20. In terms of greenfield projects, India was ranked fourth with 1,058 projects, after the US, the UAE and the UK. The country was ranked eighth last year, as it attracted inflows worth $48 billion.
The Union Cabinet has approved an increase in the Minimum Support Prices for 14 crops for the upcoming Kharif season.
Asian stocks fell after US shares closed lower overnight.
Nifty recovered from previous day’s fall and ended higher in a volatile session on June 20.At close, Nifty was up 0.22% or 51 points at 23,567. Nifty rose mildly after a volatile session on June 20. It formed another long legged doji forming a sideways pattern. Nifty could now stay in the 23,413-23,664 band for the near term.
