Market Commentary - Pre-Session
SGX Nifty suggests positive opening As on : 10-May-23  08:23

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 33 points at the opening bell.

On the political front, the Karnataka Assembly Elections is being held today, 10 May 2023, in a single phase for 224 constituencies. The exit poll results will be declared shortly after the voting is over. The Election Commission of India will declare the election results on May 13.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday ahead of a critical inflation report and as the US debt ceiling impasse damps investor sentiment.

US stock indexes closed lower on Tuesday as investors grew more cautious ahead of a US consumer price index report and a meeting between US political leaders to discuss the debt the debt ceiling.

Investors will look for clues on whether inflation is continuing to ease following the Labor Department's consumer price index (CPI) report on Wednesday.

US President Joe Biden and congressional Republicans made little tangible progress toward averting a first-ever US default. They pledged negotiations on spending that would open the door to a possible agreement, with Biden and House Speaker Kevin McCarthy to meet again on Friday.

Domestic markets:

Back home, the domestic equity market had a flat closing on Tuesday. The barometer index, the S&P BSE Sensex lost 2.92 points to 61,761.33. The Nifty 50 index added 1.55 points or 0.01% to 18,265.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,942.19 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 404.70 crore in the Indian equity market on 9 May, provisional data showed.

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