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US CPI, Karnataka Exit Poll Results Closely Watched by Indian Market

Published 10-05-2023, 02:59 pm
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By Malvika Gurung

Investing.com -- Indian equity benchmark indices traded marginally higher in the last hour of Wednesday’s intraday session, with Nifty50 up 0.08% at 18,280 and Sensex advanced 0.4 points.

Domestic market fear barometer India VIX jumped 4.9% in the session to 13.29 levels and was up 3% while writing.

Investors on Dalal Street will closely await the US inflation data for April 2023 set to release at 6 pm Indian Time on May 10, 2023, by the Labor Department, along with the Federal Reserve’s next course of action on the interest rate front.

In a note provided to Investing.com, Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, stated that the US CPI data will be more important from the market perspective, adding that if the disinflation trend continues, it would be a ‘shot in the arm for equity markets globally’.

The market will also closely watch the Karnataka exit poll results in the evening today.

“A congress victory in the elections is unlikely to impact the market much, but an unexpected setback to the BJP may slightly impact near-term sentiments,” added Vijayakumar.

Read Also: Nifty Only 3% Away From All-Time High of 18,887: Key Driver and Trend?

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