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News Pre-Session

 
Market may open higher on positive Asian cues
21-May-18   08:00 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell, tracking positive cues from Asian markets.

On the political front, the much-awaited Karnataka floor test ended in an anti-climax of sorts with BS Yeddyurappa, who took oath as the Chief Minister on Thursday, 17 May 2018, resigned on Saturday, 19 May 2018, after he failed to secure the magic number of 112 required to form the government. Janata Dal (Secular) leader HD Kumaraswamy will now be sworn in as Chief Minister on Wednesday, 23 May 2018.

Overseas, most Asian shares were trading higher as weekend developments in the US-China trade relationship were digested by investors.

The US trade war with China is on hold after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, US Treasury Secretary Steven Mnuchin reportedly said on Sunday. Mnuchin and US President Donald Trump's top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future, reports added.

US stocks closed mostly lower on Friday, 18 May 2018, as investors grappled with lingering uncertainty over trade negotiations between the US and China, as well as bond yields that climbed this week to the highest level since 2011.

A focus for global markets this week is Wednesday's release of minutes from the Federal Reserve's latest monetary policy meeting. Investors will be watching the minutes for clues about the pace of the current tightening cycle.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 166.15 crore on Friday, 18 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 149.58 crore on Friday, 18 May 2018, as per provisional data.

Key benchmark indices logged sharp losses on Friday, 18 May 2018. The barometer index, the S&P BSE Sensex, lost 300.82 points or 0.86% to settle at 34,848.30. The Nifty 50 index lost 86.30 points or 0.81% to settle at 10,596.40. The Sensex ended below the psychologically important 35,000 mark. The Sensex and the Nifty, both, settled at over 3-week closing low.

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