SGX Nifty indicates stock markets likely to open flat

FPJ Web DeskUpdated: Wednesday, June 02, 2021, 09:17 AM IST
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Bombay Stock Exchange | File

Indian equity markets could likely open a little lower as the trends at SGX Nifty suggest 35 points drop to 15,596 at 8.45 AM.

At 09:03 AM, the Sensex was down 113.86 points or 0.22 percent at 51821.02, and the Nifty was down 37.90 points or 0.24 percent at 15537.

Asian markets made a steady start on Wednesday while in U.S, Dow Jones gained a little as investors looked at latest economic data as a sign of rebound and rising inflation. US manufacturing activity grows for 12th straight month despite of supply chain issues.

According to pivot charts, support levels for Nifty 50 are at 15,515 followed by 15,455.47. On the upside, key resistance levels could be around 15,647 and 15,720, said Mohit Nigam, Head-PMS, Hem Securities.

RBI's Monetary Policy Committee's meeting will commence from today and credit policy shall be announced on Friday, which shall act as a guide to market's directions in the coming days. The Market is likely to trade in a range bound scenario while share of companies like Mothersumi Sumi, Muthoot Finance and PVR will be looked forward to as they shall announce results today.

Petrol and diesel prices have been left unchanged on Wednesday. The prices have been increased for 17 times since May 4. In the national capital, petrol prices were constant at Rs 94.49 and diesel pricesat Rs 85.38 per litre, according to Indian Oil Corporation.

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