A historical month for D-St; 80 stocks rose 10-30% in BSE500 in May
It was a roller coaster ride for traders as the month of May started muted with 9 straight consecutive days of fall but then bulls took control in the last 10 days to push the Nifty50 towards a record high of 12,041. Rollovers in derivatives for June series were slightly better than the previous few months indicating the return of confidence among the investor community. For the month, the Nifty50 rose 1.48 percent while the S&P BSE Sensex rallied 1.7 percent in the same period. The market is getting more visibility as things progress on the ground. The NDA II government has a broader strength of 58 Council of Ministers with 26 new ministers.
Amit Shah assumed the role of Home Minister, while Nirmala Sitharaman took over as the Finance Minister and Corporate Affairs Minister. Most experts on D-Street gave a positive outlook on the appointment of Nirmala Sitharaman. She will present the Budget on July 5. The market will react to monthly auto sales numbers on June 3 which will start coming out over the weekend. On the macro front, GDP data for Q4 as well as infrastructure data released post market hours on May 31 will also weigh on sentiment.
India's gross domestic product (GDP) grew 5.8 percent in January-March, official data released on May 31 showed, confirming fears of a slowdown. The upcoming monetary policy committee meeting on 6th June will be an important event to watch out which is likely to dictate market trend.
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