Market Commentary - Pre-Session
Domestic stocks may drift higher in early trade As on : 19-May-23  08:29

SGX Nifty:

Domestic stock indices are likely to open slightly higher on Friday. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 30 points at the opening bell.

On the political front, the swearing-in ceremony of the new Karnataka chief minister Siddaramaiah and deputy chief minister DK Shivakumar will be held on May 20. In the May 10 elections to the 224-member Karnataka Assembly, the Congress scored an emphatic victory by bagging 135 seats while the ruling BJP and Janata Dal (Secular) secured 66 and 19 seats, respectively.

Global markets:

Overseas, most Asian stocks are are trading mixed ahead of G7 summit in Japan. Japan's Nikkei share average rose on Friday to the highest since August 1990, the country's so-called bubble era.

Prime Minister Narendra Modi will be in Japan's Hiroshima from May 19-21 for the Group of Seven (G7) summit. The leaders will discuss a wide range of issues including geopolitics, economics, and climate change challenges. The Russia-Ukraine war and escalating tensions between China and the United States could dominate the agenda.

US stocks closed higher for a second straight day on Thursday on mounting optimism that a US debt ceiling deal could be reached within days, with discount retailer Walmart Inc providing additional support after an upbeat annual sales forecast.

Domestic markets:

Back home, domestic barometers extended their decline for the third consecutive session on Thursday. The barometer index, the S&P BSE Sensex declined 128.90 points or 0.21% to 61,431.74. The Nifty 50 index lost 51.80 points or 0.28% to 18,129.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 970.18 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 849.96 crore in the Indian equity market on 18 May, provisional data showed.

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