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Business News/ Markets / Live Blog/  Market Close Highlights : Sensex closes 1,618pts higher, Nifty at 23,290; all sector indices, broader markets gain
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Market Close Highlights : Sensex closes 1,618pts higher, Nifty at 23,290; all sector indices, broader markets gain

21 min read . Updated: 07 Jun 2024, 03:45 PM IST
Pranay Prakash

Market Close Highlights : FIIs net sold ₹6,867 crore, and DIIs net bought equities worth ₹3,718 crore, on 6 June, per provisional data from NSE. FIIs bought ₹13,970 crore and sold ₹20,837 crore, and DIIs picked up ₹17,030 crore and sold ₹13,312 crore worth of equities in the session.

Market Close Highlights : Zee Entertainment Enterprises is the only stock on NSE's 7 June F&O ban list. (Photo: iStockphoto)Premium
Market Close Highlights : Zee Entertainment Enterprises is the only stock on NSE's 7 June F&O ban list. (Photo: iStockphoto)

Market Close Highlights : European shares opened just off record highs, as traders waited to see if US jobs data due later Friday would cement bets on Federal Reserve policy easing in the coming months.

Europe’s Stoxx 600 index inched 0.1% lower, having hit record peaks this week as the European Central Bank kicked off its policy easing cycle. While technology stocks gained, real estate and insurance stocks slipped, given the ECB’s signal that it would not rush to cut rates rapidly. Futures for US stocks held steady, while Bloomberg’s dollar gauge eased.

While traders were wary of placing big bets either way on Friday, global stocks are on track to snap a two-week losing stretch. Rate-cut expectations have escalated in the past week, encouraged by the slew of weaker-than-forecast US data, as well as rate cuts from the Bank of Canada and ECB. A Bloomberg gauge of global government bonds posted its longest rising streak since November.

Homin Lee, senior macro strategist at Lombard Odier said a recent run of softer US data, including jobless claims and labor costs, pointed to a “quiet rebalancing" in the economy that could indicate a slowdown in service sector inflation.

“That combination seems to have given bond investors more conviction on their trades. We will see if tonight’s employment report reinforces that," Lee said.

Friday’s report is expected to show the US added 180,000 jobs in May, slightly more than in A[ril, with the unemployment rate seen holding steady. Swap markets are pricing a full Fed rate cut by November, with a strong likelihood of one in September.

Earlier, China’s exports climbed more than expected in May, boosting hopes that the world’s second-biggest economy can maintain its momentum by relying on foreign markets even in the face of new tariff threats.

On commodities, oil prices headed for their third straight gain, as expectations waned that OPEC and its allies will allow the market to become oversupplied.

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