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Stocks may open with small gains

Published on May 30, 2023 08:24

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 14 points at the opening bell.

Global markets:

Overseas, Asian stock markets are trading mixed Tuesday ahead of the vote on the tentative US debt ceiling deal.

US markets were closed on Monday on the occasion of Memorial Day.

President Joe Biden and House Speaker Leader Kevin McCarthy reached a deal over the weekend to raise the United States` $31.4 trillion debt ceiling and avert a debt default. The US Congress is likely to vote on the legislation on Wednesday, but some of the Republican lawmakers are said to oppose the bill, signaling that its passage would not be easy before the US runs out of money.

Domestic markets:

Back home, the key equity benchmarks managed to end with moderate gains on Monday, even as the bourses witnessed bouts of volatility during today`s session. The barometer index, the S&P BSE Sensex, jumped 344.69 points or 0.55% to 62,846.38. The Nifty 50 index added 99.30 points or 0.54% to 18,598.65.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,758.16 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 853.57 crore in the Indian equity market on 29 May, provisional data showed.

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