SGX Nifty hints at negative opening
Published on May 15, 2023 08:27
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 44 points at the opening bell.
On the political front, Congress has made a comeback in Karnataka, as per the results declared by the Election Commission. The Congress has won 136 seats, the BJP`s tally has been reduced to 66 and the JD(S) 19.
Overseas, Asian stocks are trading mixed as investors braced for the release of China`s industrial and retail data, while awaiting a host of U.S. Federal Reserve officials to speak to vindicate market pricing of rate cuts this year. China is due to report monthly industrial production, retail sales and fixed asset investment data on Tuesday.
US stocks ended slightly lower on Friday, led by weaker megacap shares following their recent rally, as data showed US consumer sentiment dropped to a six-month low.
The Congressional Budget Office said on Friday the U.S. faces a "significant risk" of defaulting on payment obligations within the first two weeks of June without a debt ceiling increase.
U.S. consumer sentiment slumped to a six-month low in May, a survey showed on Friday. The University of Michigan`s preliminary reading on the overall index of consumer sentiment came in at 57.7 this month, the lowest reading since last November and down from 63.5 in April.
Back home, the key equity benchmarks ended a volatile session with minor gains on Friday. The S&P BSE Sensex was gained 123.38 points or 0.20% to 62,027.90. The Nifty 50 index added 17.80 points or 0.1% to 18,314.80.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,014.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 922.19 crore in the Indian equity market on 12 May, provisional data showed.
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