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Market may nudge lower in early trade

Published on May 22, 2023 08:31

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 26 points at the opening bell.

The RBI has decided to start withdrawing 2,000-rupee notes from circulation, citing "clean note policy". The 2,000-rupee note will remain legal tender. People will be able to deposit the Rs 2,000 note at the bank, or exchange it for notes of smaller denominations up to Rs 20,000 at a time between May 23 and September 30. The Rs 2,000 note was introduced in November 2016, after the government announced demonetisation of Rs 500 and Rs 1,000 notes.

Global markets:

Overseas, Asian stocks are trading mixed on Monday after the Group of Seven summit in Hiroshima concluded and talks on the debt ceiling are slated to resume in the U.S. People`s Bank of China left its 1-year and 5-year loan prime rates unchanged.

U.S. stocks finished lower Friday, weighed down by worries over the debt-ceiling deadline and concerns that more mergers involving regional banks may be needed.

Federal leaders are expected to continue with negotiations on the U.S. debt ceiling on Monday as the country approaches a potential default. President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are scheduled to meet in person at the White House. Treasury Secretary Janet Yellen has said the U.S. could default on its debt as early as June 1.

Domestic markets:

Back home, Key indices managed to close with modest gains on Friday, ending a three-day losing streak. The S&P BSE Sensex advanced 297.94 points or 0.48% to 61,729.68. Similarly, the Nifty 50 index saw a gain of 73.45 points or 0.41%, settling at 18,203.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 113.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,071.35 crore in the Indian equity market on 19 May, provisional data showed.

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