Markets open June series weak, GDP uncertainty weigh on Indices

The domestic share market traded lower on Friday as optimism growth and sustained FPI inflows was outweighed by apprehension ahead of GDP data. At close, the Sensex was down 182.01 points or 0.22 percent at 81,451.01, and the Nifty was down 82.90 points or 0.33 percent at 24,750.70. About 1,751 shares advanced, 2,087 shares declined, and 114 shares unchanged.
Bajaj Finserv, Coal India, Larsen & Toubro, Apollo Hospitals and HDFC Bank were the top gainers on the Nifty and managed to post gains of up to 0.5 percent, while losers included Bajaj Auto, Hindalco Industries, Shriram Finance, Tech Mahindra and Mahindra & Mahindra, declining up to 3 percent.The Nifty IT index emerged as the top loser. Shares of major tech players—TCS, Infosys, and HCL Technologies—declined by up to 2 percent, according to information.
Rupee Close:
The Indian rupee pared its initial gains to settle 8 paise lower to close at 85.56 against the US dollar on Friday, as volatility in domestic equities and recovering global crude prices pressured the local currency.However, a steady inflow of foreign funds supported the domestic unit even as investors stayed cautious, awaiting domestic GDP data to be released later in the day, forex traders reportedly stated.
Trading Guide:
Vinod Nair, Head of Research at Geojit Investments Limited reportedly quoted as saying, a range-bound movement continued in the market, with the temporary reinstatement of US tariffs by the appeal court influencing investors to stay sidelined. The global market may contend with macroeconomic concerns as the global trade landscape has yet to see stability, which may navigate a short-term consolidation. Meanwhile, FII inflows continued due to the volatility in the US 10-year yield and an expectation of solid domestic Q4 GDP data later today and a rate cut by the RBI. Market experts recommended five shares to buy-Strides Pharma Science Ltd, Dodla Dairy Ltd, Welspun Corp Ltd, Onesource Industries And Ventures Ltd, and TD Power Systems Ltd.

(Business Correspondent)