Weekly market update, May 31, 2024

Indian equity indices declined this week amid mixed signals, and BSE Sensex and Nifty 50 lost nearly two per cent. The tone was negative from the start as participants were in profit-taking mode after two weeks of gains. Caution ahead of the outcome of the general election and weak global cues further dampened sentiment as the week progressed. The broader indices also declined, losing nearly 1.5 per cent. On sectoral front, Most sectoral indices declined, with IT, energy, and FMCG being the top losers.

Market analysts expect that exit polls prediction may trigger a big rally in the market on Monday. In the first week of June, investors will keenly eye the ongoing Lok Sabha election developments, the upcoming Monetary Policy Committee (MPC) meeting by the Reserve Bank of India (RBI), domestic and global macroeconomic indicators, auto sales figures, foreign fund inflow, crude oil prices, and global cues for determining movement in the domestic equity market.

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