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Rally on the cards on strong global cues

Published on May 29, 2023 08:29

Trading for the week is likely to begin on strong note after U.S President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling over the weekend.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 159 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday on improved risk appetite following the deal between US President Joe Biden and House Speaker Kevin McCarthy to raise the debt ceiling.

US stocks rose on Friday as talks on raising the US debt ceiling progressed. President Biden and Speaker McCarthy reached a final agreement to avert US default and to suspend the debt limit through January 2025.

Domestic markets:

Back home, the domestic stock market rallied on Friday, driven by the strong growth forecast for the Indian economy and the expectation of a normal monsoon. The barometer index, the S&P BSE Sensex advanced 629.07 points or 1.02% to 62,501.69. The Nifty 50 index added 178.20 points or 0.97% to 18,499.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 350.15 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,840.98 crore in the Indian equity market on 26 May, provisional data showed.

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