Live Market Updates: 29 May

The SGX Nifty indicates a positive start for the broader index with a gain of 83 points on Monday. SGX futures stood at 18,632.

US Markets

Stocks jumped Friday as traders grew hopeful that lawmakers will reach a deal to raise the US debt ceiling, avoiding a potentially catastrophic default. The Dow Jones Industrial Average climbed 328.69 points, or 1 percent to settle at 33,093.34. The S&P 500 gained 1.3 percent to close at 4,205.45, and the Nasdaq Composite advanced 2.2 percent to 12,975.69.

Intel and American Express rose 5.8 percent and 4.1 percent, respectively to lead the Dow higher. The S&P 500 tech and consumer discretionary sectors popped more than 2 percent each. The Nasdaq notched its fifth straight weekly gain, rising 2.5 percent. The S&P 500 also posted a one-week advanced, advancing 0.3 percent. The Dow was the laggard this week, losing 1 percent.

European Markets

European stock markets closed higher Friday as talks to raise the US debt ceiling reached their crucial final week. The pan-European Stoxx 600 index closed 1.2 percent higher after falling to its lowest level since early April through three negative sessions. All sectors ended in positive territory, with tech stocks surging 3 percent and mining stocks up by 2.5 percent. FTSE closed 0.74 percent higher at 7627 points. DAX closed 1.2 percent higher at 15,983 points. CAC 40 Index closed 1.24 percent higher at 7319 points.

Asian Markets

Asia-Pacific markets are largely higher after U.S President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling over the weekend. The bill is expected to be voted on later this week. In Japan, the Nikkei 225 continued to push 33-year record levels as it jumped 2 percent on the open, with the Topix also gaining 1.26 percent.

In Australia, the S&P/ASX 200 climbed 1.36 percent, while South Korean markets are closed Monday for a holiday. Stocks in Hong Kong are set to buck the trend despite the overall optimism, with Hang Seng index futures at 18,536 compared to the HSI’s close of 18,746.92.

Oil prices

Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude settled 69 cents, or 0.9 percent, higher at $76.95 a barrel. U.S. West Texas Intermediate closed up 84 cents, or 1.2 percent, to $72.67 a barrel.

Dollar

The Dollar index traded 0.02 percent lower in futures at 104.23, whereas the value of one dollar hovered near Rs 82.71

Gold

Gold gave up some gains on Friday and was on course for a third straight weekly loss on the likelihood of a last-minute debt ceiling deal and as a hotter-than-expected U.S. inflation gauge raised bets for rates to stay higher for longer. Spot gold was up 0.35 percent at $1,947.09 per ounce, having risen as much as 0.9 percent earlier. U.S. gold futures settled mostly flat at $1,944.30.

FII and DII

Foreign institutional investors (FIIs) bought shares worth Rs 350.15 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 1840.98 crore on May 26, provisional data from the National Stock Exchange showed.

With inputs from Reuters and other agencies.