Market Commentary - Pre-Session
Stocks may nudge higher in early trade As on : 18-May-23  07:54

SGX Nifty:

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

Global markets:

Overseas, Asian stocks are trading higher on hopes of U.S President Joe Biden and congressional leaders inching closer to a deal to raise the U.S. debt ceiling and avoid a default.

Japan's trade deficit has narrowed by almost half in April, falling to 432.41 billion from 854.93 billion a year ago.

Wall Street stocks advanced on Wednesday as investors grew more confident the White House would reach a deal with Congress to avoid a government default.

US president Joe Biden on Wednesday said he was ?confident? about reaching a budget agreement with Congress to avoid a default on US debt, and left the door open to meeting a central Republican demand of adding work requirements to social safety net programmes.

Treasury secretary Janet Yellen has warned the US could default on its debt as early as next month, with the issue prompting Biden to cut short his forthcoming overseas trip.

Traders digested the release of the eurozone's final harmonised index of consumer prices for April, which posted a slight increase in the annual rate to 7%, up from 6.9% in March.

Domestic markets:

Back home, domestic equity benchmarks experienced moderate losses for the second day in a row on Wednesday, primarily due to weak global sentiment. The barometer index, the S&P BSE Sensex slipped 371.83 points or 0.60% to 61,560.64. The Nifty 50 index lost 104.75 points or 0.57% to 18,181.75.

Foreign portfolio investors (FPIs) sold shares worth Rs 149.33 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 203.87 crore in the Indian equity market on 17 May, provisional data showed.

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