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Stock markets open on a lacklustre note: Sensex up, Nifty above 16,200 - Dailyforextrading

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Stock markets open on a lacklustre note: Sensex up, Nifty above 16,200 - Dailyforextrading

The stock market indices open flat on May 24 amid mixed global cues. At 09:16 AM, the Sensex was up 73.49 points or 0.14 percent at 54,362.10.


The Nifty was up 26.30 points or 0.16 percent at 16,241. About 1,079 shares have advanced, 602 shares declined, and 91 shares are unchanged.

On May 23, the Sensex was down 37.78 points or 0.07 percent at 54,288.61, and the Nifty was down 51.50 points or 0.32 percent at 16,214.70.

Asian shares slipped on Tuesday as relief at a rally on Wall Street was quickly soured by a slide in US stock futures. An unexpected warning about the deteriorating economy by Snap Inc. Chief Executive Evan Spiegel rippled through internet and social-media stocks late Monday, potentially ruining the market’s comeback attempt from earlier in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent in hesitant trading. Japan's Nikkei fell 0.4 percent and Chinese blue chips eased 0.3 percent. Markets had taken some comfort from US President Joe Biden's comment on Monday that he was considering easing tariffs on China, and from Beijing's ongoing promises of stimulus.

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US stocks finished higher on Monday, bouncing back from the longest stretch of weekly losses for the Dow Jones Industrial Average since 1932 and a temporary dip by the S&P 500 into bear-market territory last week. The Dow finished up by 618 points. Some analysts credited Monday’s gains to comments made by President Joe Biden about the prospect of reducing tariffs on China.

Investors appeared ready to buy a market beaten down by weeks of selling. That was despite reports of surging COVID cases in Beijing, where officials extended the order for students and workers to stay home and will carry out more mass testing in the nation’s second-largest city.

JP Morgan raised its forecast for net-interest income and stuck to its 17% return on tangible equity target, and CEO Jamie Dimon sounded quite positive about the US economy.

The European Central Bank said it was likely to lift its deposit rate out of the negative territory by September.

Oil prices were caught between worries over a possible global downturn and the prospect of higher fuel demand from the US summer driving season and Shanghai's plans to reopen after a two-month coronavirus lockdown. UScrude eased 62 cents to $109.67 per barrel, while Brent lost 68 cents to $112.74.

Oil prices were little changed on Monday, settling just slightly higher as worries over a possible recession vied with an outlook for higher fuel demand with the upcoming US summer driving season and Shanghai's plans to reopen after a two-month coronavirus lockdown.

In the international markets as WTI crude settled at $110.29 per barrel and Brent settled at $110.91 per barrel. Domestic markets were also settled on a weaker note at Rs8,543 per barrel, down by 0.87 percent.

Rahul Kalantri, VP Commodities, Mehta Equities Ltd. said, At this point, the market is fighting with the $110 level, which is an area where we have seen a lot of noise in the past, so is not a huge surprise to see this market struggle a bit.

Furthermore, the market has been very volatile and noisy, and there are a lot of questions out there as to where we are going to go over the longer term.

Trader and investor risk appetite up-ticked just a bit to start the trading week on reports the US may consider lifting some trade tariffs on China.

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Meantime, China continues to struggle with rising Covid cases that have locked down parts of major cities in the world’s second-largest economy. Crude oil prices also fell and the European Union is struggling to agree on an embargo on Russian imports. Source: MSN...

 

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