Stock Markets Today Live Updates: Wall Street week ahead: Spotlight on May jobs data, manufacturing reports
As investors eagerly await the upcoming Federal Reserve monetary policy meeting on June 11-12, all eyes are on the latest economic reports, particularly the May jobs data and manufacturing reports. These reports will provide crucial insights into the state of the economy and could potentially influence the Fed’s decision on interest rates.
The jobs data holds significant importance as it will be the last economic report before the Fed’s upcoming meeting. Investors are keen to see how the labor market is faring and whether there are any signs of improvement or weakness. Additionally, manufacturing reports will also be closely watched for any indications of growth or contraction in the sector.
In the midst of this anticipation, market experts are offering their insights and recommendations. Deepak Jasani, Head of Retail Research at HDFC Securities, advises investors who are not overinvested in equities to wait and review their portfolios. He suggests that post the swearing-in of the new government and the rollout of policy announcements, investors may return to equities.
Furthermore, Dharmesh Shah of ICICI Securities has recommended two stocks to buy this week – State Bank of India (SBI) and NTPC. These recommendations come at a time when the Indian stock market is expected to continue its positive momentum. Analysts believe that the ‘ache din’ (good days) for the market are likely to continue, citing the buoyancy in the market over the last three months.
In anticipation of a positive market trend, Samir Arora, founder of Helios Capital, predicts that Foreign Institutional Investors (FIIs) could make over $16 billion if the market rallies around 2% on Monday, June 3. Additionally, stocks like BHEL and IRCON are looking attractive to investors, with Bank Nifty showing a sharp recovery from its 21-day EMA.
However, not all news is positive, as India’s forex reserves have slipped from a record high, with a decline of over $2 billion. Gold reserves have also fallen by $482 million, according to RBI data. This decline comes as the market cap of 8 of the top 10 most valued firms has plunged by ₹2.08 lakh crore, with Reliance and TCS being the most affected.
Despite these challenges, the markets are likely to open higher on Monday as exit polls signal a clear mandate for the BJP-led NDA in the Lok Sabha elections. The Nifty is expected to open 2.5-3% higher, providing a positive start to the week for investors.
Overall, the Indian stock market is expected to see continued momentum, with opportunities for investors to capitalize on the market movements. Stay tuned for more updates on today’s market wrap-up and track Nifty 50 and Sensex movements, along with top gainers and losers. Follow Mint’s market blog for real-time updates on your favorite companies and stay informed on all things Dalal Street and global markets.
