Market LIVE Updates: 24 May

The SGX Nifty indicates a negative start for the broader index with a loss of 89 points on Wednesday. SGX futures stood at 18,280.

US Markets

US stock futures inched higher on Tuesday night as investors kept an eye on debt-ceiling negotiations. Futures linked to the Dow Jones Industrial Average climbed 33 points, or 0.1 percent. S&P 500 futures and Nasdaq 100 futures each added 0.1 percent. The three major averages fell during regular trading on Tuesday. The S&P 500 lost 1.12 percent, while the Nasdaq Composite and the Dow Jones Industrial Average declined 1.26 percent and 0.69 percent, respectively.

European Markets

European stock markets closed lower on Tuesday as US debt ceiling negotiations continued. The region’s benchmark Stoxx 600 index closed 0.6 percent lower, with sectors mixed as trading came to a close. Household goods fell 2.5 percent as industrials dropped 1.3 percent, while oil and gas stocks gained 0.9 percent. FTSE closed 0.1 percent lower at 7,762 points. DAX closed 0.44 percent lower at 16,152 points. CAC 40 Index closed 1.33 percent lower at 7,378 points.

Asian Markets

Asia-Pacific markets started Wednesday on a weaker footing, with investors cautious as ongoing US debt ceiling discussions appeared to yield little progress. In Japan, the Nikkei 225 slid 0.77 percent and the Topix fell 0.35 percent in early trade, even as the country’s business sentiment among manufacturers turned positive for the first time in 2023, according to a Reuters Tankan survey.

South Korea’s Kospi slipped 0.2 percent lower, with the Kosdaq down 0.34 percent. In Australia, the S&P/ASX 200 was down 0.3 percent in early trade. Hong Kong’s Hang Seng index looks set to extend its losses from a two-month low, with futures at 19,285 compared to the HSI’s close of 19,431.25.

Oil prices

Oil prices looked up on Tuesday on the back of a tighter gasoline market outlook and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ cuts to support the market. Brent crude was up $1.14, or 1.5 percent, at $77.13 a barrel. US West Texas Intermediate (WTI) crude gained $1.21, or 1.7 percent, to $73.26 a barrel.

Dollar

The Dollar index traded 0.32 percent higher in futures at 103.53, whereas the value of one dollar hovered near Rs 82.85

Gold

Gold prices dipped on Tuesday as yields climbed while talks over raising the US debt limit stretched to another round but recovered from session lows as the dollar retreated from earlier highs. Spot gold was down 0.1 percent at $1,967.03 per ounce by 11:57 a.m., after shedding as much as 0.8 percent earlier. U.S. gold futures fell 0.4 percent to $1,969.20.

FII and DII

Foreign institutional investors (FIIs) bought shares worth Rs 182.51 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 397.29 crore on May 23, provisional data from the National Stock Exchange showed.

With inputs from Reuters and other agencies.