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Bajaj Auto, Adani Enterprises, Bharti Airtel, ITC and Divis Laboratories were among the biggest gainers on the Nifty, while Wipro, Tata Motors, UPL, Sun Pharma and HDFC were among the big losers
Wall Street’s main indexes closed lower on Wednesday amid worries about the lack of progress over raising the US debt ceiling ahead of a June 1 deadline. The Dow Jones Industrial Average fell 255.59 points, or 0.77%, to 32,799.92, the S&P 500 lost 30.34 points, or 0.73%, to 4,115.24, and the Nasdaq Composite dropped 76.08 points, or 0.61%, to 12,484.16. The CBOE Volatility Index, or “Wall Street’s fear gauge”, hovered around three-week highs, and Citgroup shares fell 3.1% after the bank scrapped plans to sell Banamex and will list it instead.
Adani Enterprises, Adani Ports, Tata Motors, HDFC Bank, and ICICI Bank were among the biggest losers on the Nifty.
Gold prices remained unchanged as the US government debt ceiling discussions ended with no productive decision. Meanwhile, investors are assessing the possibility of additional interest hikes by the Federal Reserve. U.S. job market tightening and escalating wages are impacting inflation, increasing the rate of growing prices. Research conducted by former senior economists from the Federal Reserve and International Monetary Fund concluded that the demand for labor must be better-balanced to avoid price embedding. The Japanese economy showed signs of improvement through the Reuters Tankan poll.
The US dollar remained near a two-month high due to safe-haven demand as talks between the White House and the Republicans over raising the US debt ceiling failed to make progress. The issue has raised the risk of the federal government defaulting on its payments as early as 1 June. Investors are avoiding riskier investments as they monitor the outcome of the negotiations. The hawkish rhetoric of Federal Reserve representatives has also buoyed the dollar, with traders anticipating higher interest rates for a more extended period. The minutes of the Fed’s May meeting providing more clues on policy are due to be issued later in the day.
Oil prices rose as U.S. oil and fuel inventories reduced causing speculation over further OPEC+ output cuts. Industry data revealed a decline of 6.8 million barrels in crude inventories in the week to May 19 along with 6.4 million drop in gasoline inventories. Distillate inventories were down 1.8 million. Confirmation of these figures in data from the Energy Information Administration would mean a third straight weekly decline in U.S. gasoline inventories to the lowest levels since 2014 pre-Memorial Day. OPEC+ production cuts are set to take effect this month. However, some investors remain cautious about US debt ceiling discussions.
The BSE midcap and smallcap indices ended with marginal gains.
With just weeks to go before the country runs out of cash, the standoff has become the key topic on trading floors on fears that a US failure to pay its bills will send shockwaves through markets and the global economy.
Hammer Pattern is a one-day candlestick pattern wherein there is a small green real body and lower shadow extending from the body and is formed at the bottom of a downtrend. 
Golden Cross is an important technical indicator of bullishness. It occurs when the short-term moving average crosses over the major long-term moving average on the upside.