Market Savera - 31/05/2024

U.S. stocks closed lower on Thursday, pulled down by tumbling technology stocks, including the roughly 20% drop in shares of Salesforce Inc. US Gross domestic product rose 1.3% annualized in the first three months of the year, below the previous estimate of 1.6%, Bureau of Economic Analysis figures published Thursday showed. The economy’s main growth engine — personal spending — advanced 2.0%, versus the previous estimate of 2.5%. India's economy is expected to have grown at a slower pace in the January-March quarter than the previous three months, dampened by a moderation in manufacturing and urban spending. The gross domestic product is estimated to grow by 7% in the January–March period, according to economists, lower than the higher- than-expected 8.4% expansion in the previous quarter. The GDP figures will be released on Friday at 1200 GMT. MSCI's quarterly rejig will come into effect following the market close on May 31, leading to potential inflows of around $2 billion into the Indian equity markets. MSCI's quarterly rebalancing will lead to 13 new stocks being added to the MSCI Global Standard Index, while three stocks will be excluded. China's manufacturing activity unexpectedly fell in May, keeping alive hopes of fresh stimulus as a prolonged property crisis continues to weigh on businesses, consumers and investors. Asian stocks rose Friday as the latest round of US economic data signaled economic momentum is slowing, boosting the case for the Federal Reserve to start cutting interest rates this year. Federal Bank and Tata AIA Life Insurance Announce Strategic Bancassurance Partnership IDFC First Bank to issue shares worth Rs 3,200 cr via preferential issue Orient Electric appoints Ravindra Singh Negi as Managing Director and CEO Nifty fell for the fifth consecutive session on May 30, to close with the losses of 0.95% at 22488. From the recent high of 23110, Nifty has witnessed a fall of almost 700 points towards 22417. 50 days EMA for Nifty is placed near 22380, which can offer support for the short term. On the higher side, 22700 could act as an immediate resistance. Indian markets could open higher, in line with mostly higher Asian markets today and despite negative US markets on May 30