The benchmark Sensex and Nifty indices are expected to open flat with negative bias on May 23, following GIFT Nifty trends indicating a loss of just 33 points for the broader index.
On May 22, the Indian benchmark indices ended on a positive note on May 22 with Nifty reclaiming 22,600 in a volatile session ahead of the release of the Fed's latest meeting minutes. At close, the Sensex was up 267.75 points or 0.36 percent at 74,221.06, while the Nifty was up 68.80 points or 0.31 percent at 22,597.80.
Here is how financial markets across the globe fared overnight, giving you some cues about how trade is poised for today.
GIFT Nifty (Negative)
The GIFT Nifty is trading 33 points lower compared to the Nifty 50 close on May 22, indicating a negative start for the day. Nifty futures were trading at 22,661 at 07:15 AM IST.
Asian markets were mixed after minutes of the last U.S. Federal Reserve meeting revealed Fed officials’ concerns over sticky inflation, with members seemingly getting cold feet on possible interest rate cuts.
South Korea’s central bank held its benchmark policy rate at 3.5% as estimated in a Reuters poll. The BOK is expected to cut by 50 basis points in the fourth quarter, according to a Reuters poll from May 21.
| Indices | Change from Previous Close (%) | MTD (%) | YTD (%) |
| Nikkei | 0.47 | 1.44 | 4.37 |
| Topix | 0.03 | 0.25 | 4.17 |
| Hang Seng | 0.9 | 7.15 | 11.7 |
| Taiwan | 0.4 | 6.8 | 14.4 |
| Kospi | -0.30 | 1.93 | -3.25 |
US Equities (Negative)
Overnight, Wall Street ended lower and oil prices fell on Wednesday as investors parsed minutes from the U.S. Federal Reserve's most recent policy meeting.
Nvidia Corp's shares rose over 4 percent in extended trading after the megacap chipmaker forecast quarterly revenue above estimates.
The Dow Jones Industrial Average fell 201.95 points, or 0.51 percent, to 39,671.04, the S&P 500 lost 14.4 points, or 0.27 percent, to 5,307.01 and the Nasdaq Composite dropped 31.08 points, or 0.18 percent, to 16,801.54.
| Indices | Change from Previous Close (%) | MTD (%) | YTD (%) |
| Dow Jones | -0.51 | 4.71 | 5.3 |
| S&P500 | -0.27 | 5.19 | 11.3 |
| Nasdaq | -0.18 | 7.13 | 12 |
US Bond Yield (Flat)
The US 10-year Treasury yields were trading with no change from their previous close after minutes from the US Federal Reserve's recent policy meeting.
| Current Price (%) | Month Ago (%) | Year Ago (%) | |
| US 10-Year Treasury | 4.42 | 4.67 | 3.87 |
| US 2-Year Treasury | 4.86 | 5.03 | 4.25 |
The dollar hovered near a one-week high on Thursday following its best day this month against its major peers after minutes of the last Federal Reserve meeting revealed a willingness to raise interest rates among some officials.
| Change from Previous Close (%) | MTD (%) | YTD (%) | |
| Dollar Index | -0.03 | 1.22 | 3.55 |
Asian currencies (Negative)
Asian currencies were trading lower against the US dollar.
Over the past month, most Asian currencies strengthened except for the Philippine peso and Japanese yen. However, year-to-date, all Asian currencies have weakened, with the Japanese yen being the biggest loser, dropping by 10 percent. At 07.15 AM IST, Asian currencies were trading as follows:
| Currencies | Change from Previous Close (%) | MTD (%) | YTD (%) |
| South Korean won | -0.28 | 0.85 | -5.5 |
| Taiwan dollar | -.059 | 0.065 | -5.3 |
| Thai Baht | -0.14 | 1.1 | -6.1 |
| Japanese yen | -0.03 | -1.2 | -10.09 |
| Philippines peso | -0.34 | -1.3 | -4.9 |
| Singapore dollar | -0.007 | 0.77 | 2.2 |
| Malaysian ringgit | - | - | - |
| China Renminbi | -0.05 | 0.032 | -1.9 |
| Indonesian rupiah | 0.025 | 1.5 | -3.7 |
Gold prices were trading flat, while Silver prices were down nearly 1 percent in the early trade.
| Change from Previous Close (%) | MTD (%) | YTD (%) | |
| GOLD | -0.04 | 3.9 | 15.1 |
| SILVER | -0.8 | 16.2 | 28 |
Oil prices eased for a fourth straight day on Thursday on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand.
Brent crude futures fell 27 cents, or 0.3 percent, to $81.63 a barrel. U.S. West Texas Intermediate crude (WTI) futures were down 35 cents, or 0.5 percent, at $77.14.
Both benchmarks fell more than 1 percent on Wednesday.
| Change from Previous Close (%) | MTD (%) | YTD (%) | |
| US West Texas | -0.7 | -6 | 7.4 |
| Brent Crude | -0.6 | -7.4 | 5.6 |
LME Commodities (Fall)
The LME commodity prices fell in the early trade with Aluminium, Nickel, Copper down 3-4 percent each.
| Change from Previous Close (%) | MTD (%) | YTD (%) | |
| Aluminium | -3 | 1.7 | 10.6 |
| Nickel | -4 | 5.8 | 22.6 |
| Copper | -4 | 4,2 | 21.7 |
| Lead | -0.9 | 4.3 | 11.9 |
| Zinc | -2.4 | 4.6 | 15.2 |
FII & DII Flow
Foreign institutional investors sold Indian equities worth Rs 686 crore on May 22. Conversely, domestic institutional investors bought Rs 961 crore worth of equities during the same period.
| FII/DII (Rs in Cr) | May 22 | MTD | YTD |
| FII Net Flows | -686.04 | -38,093.1 | -1,19,914 |
| DII Net Flows | 961.91 | 38,483.9 | 1,87,950 |
Now you're all set for the market day! Happy trading!
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
