Nifty sees a decent start, holds 18,100; Titan up 1%, Petronet LNG down 4%

The domestic equities were resilient at open and started off on quite a decent note on May 4, 2023. The S&P BSE Sensex was up 50 points at 61,247.22 levels while the NSE's Nifty traded at 18,113.10, up 0.13 per cent. Tata Steel was the top gainer on the Sensex index (up 1 per cent) in early morning trade while PowerGrid (down nearly a per cent) was the biggest loser. Reliance Industries (RIL), Bajaj Finance, and SBI were the top contributors to the index's gains. 

"From the market perspective, more important than the Fed's expected dovish rate hike of 25 bp is the Fed chief’s comment that “ the case of avoiding a recession is more likely than having a recession.” The market is likely to remain resilient with limited volatility. The possibility of a soft landing for the US economy is positive for the IT segment which has been on the back foot on concerns of poor orders from the US," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr Vijayakumar further said that the strength of the rupee and the continued buying by FIIs would impart strength to the market. High-frequency indicators in India reflect a resilient economy with improving earnings prospects. The sharp decline in crude is an extra bonus to the macroeconomy and benign for segments like paints, adhesives and tyres.

ZEE