Taking Stock | Markets end lower, all eyes on MPC outcome and economic data due this week

Taking Stock | Markets end lower, all eyes on MPC outcome and economic data due this week

Investors turned cautious as the RBI’s monetary policy committee began its three-day meeting on June 6, with mixed Asian cues and the rise in crude prices as well as Covid cases weighing on sentiment.

At close, the 30-pack Sensex was down 93.91 points, or 0.17 percent, at 55,675.32, while the Nifty, too, ended flat losing 14.75 points, or 0.09 percent, at 16,569.55.

“Domestic market moved in tandem with the global peers to open weak and gradually recovered its losses following a positive start in Europe,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Oil prices rose after Saudi Arabia raised their selling price, adding to the current global inflationary pressure, while better than expected US job data triggered worries on Wall Street as it gives the Fed more room to hike rates.”

On June 6, European and Asian stocks rose after China relaxed some Covid-19 restrictions, calming markets that have been unsettled by concerns over global central bank rate rises to tackle persistently high inflation, said Deepak Jasani, Head of Retail Research, HDFC Securities.

Experts expect volatility to continue in both global and domestic markets just before the RBI MPC meet outcome on June 8, the ECB meeting the next day and