Market Commentary - Pre-Session
Market may start on subdued note As on : 17-May-23  08:12

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 34 points at the opening bell.

The onset of monsoon over the Kerala coast is expected to be delayed by three days, the India Meteorological Department said on Tuesday. The southwest monsoon, which normally sets in over Kerala on June 1, is likely to arrive on June 4. The arrival of monsoon over the Kerala coast marks the beginning of the four-month monsoon season over the Indian sub-continent, which produces about 75% of the country's annual rainfall.

Global markets:

Overseas, Asian stocks are trading mixed as the region looks to economic data from several countries, including Japan and Australia.

Japan's economy grew 1.6% in the first quarter of the year on an annualized basis, economic data showed on Tuesday. Quarter-on-quarter, the economy grew 0.4%, also higher than forecasts to see 0.1% growth.

US stocks declined on Tuesday with a disappointing forecast from Home Depot, mixed economic data and worries over the debt ceiling impasse keeping investors nervous.

Treasury Secretary Janet Yellen on Tuesday warned that a US default on government debt would leave millions of Americans without income payments, potentially triggering a recession that destroys many American jobs and businesses.

The Commerce Department said retail sales rose by 0.4% in April after falling by a revised 0.7% in March. A separate report from the Federal Reserve showed industrial production climbed by 0.5% in April, while revised data showed production was unchanged in each of the two previous months.

Domestic markets:

Back home, key equity barometers experienced a pause in their upward trajectory on Tuesday, putting an end to a two-day winning streak. The barometer index, the S&P BSE Sensex slipped 413.24 points or 0.66% to 61,932.47. The Nifty 50 index shed 112.35 points or 0.61% to 18,286.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,406.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 886.17 crore in the Indian equity market on 16 May, provisional data showed.

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