Market Commentary - Pre-Session
Indices geared for firm start As on : 02-Jun-23  08:22

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could spurt 81 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Friday following a rally on Wall Street amid rising hopes that the US Federal Reserve will pause its interest rate hikes in June.

US stocks advanced on Thursday after the U.S. House passed a debt ceiling bill in a crucial step to avoid a default, with the measure moving to the Senate.

Comments from US Fed officials signaled that the Fed is likely to keep the interest rates steady, with Philadelphia Federal Reserve President Patrick Harker saying US central bankers should not raise interest rates at their next meeting.

Meanwhile, the US Senate is set to vote on the bill to suspend the US government's $31.4 trillion debt ceiling on Thursday night after the bill was passed by the House a day earlier. Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes.

Domestic markets:

Back home, domestic equity barometers ended with small losses on Thursday, sliding for the second consecutive session. The barometer index, the S&P BSE Sensex declined 193.70 points or 0.31% at 62,428.54. The Nifty 50 index fell 46.65 points or 0.25% at 18,487.75.

Foreign portfolio investors (FPIs) sold shares worth Rs 71.07 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 488.93 crore in the Indian equity market on 1 June, provisional data showed.

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