Stocks may open higher
Published on May 24, 2022 08:25
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 32 points at the opening bell.
Overseas, Asian stocks are trading subdued on Tuesday, as investors weighed a possible thawing of U.S.-China trade relations as U.S. President Joe Biden floated the idea of tariff cuts on Chinese goods.
US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally. Sentiment appeared to have gotten a boost after President Joe Biden said he was considering reducing tariffs on some products imported from China.
The United States announced on Monday the Indo-Pacific Economic Framework with Asian partners including Australia, Japan and the Republic of Korea. The group wants to set international rules on the digital economy, supply chains, decarbonization and regulations applying to workers. U.S. President Joe Biden has said tackling inflation is a priority and this framework is designed to help lower costs by making supply chains more resilient in the longer term.
Back home, the domestic equity benchmarks reversed intraday gains and settled with small losses on Monday. The barometer index, the S&P BSE Sensex, declined 37.78 points or 0.07% to 54,288.61. The Nifty 50 index lost 51.45 points or 0.32% to 16,214.70.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,951.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,445.39 crore in the Indian equity market on 23 May, provisional data showed.
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