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Strong global cues may slightly recover market; oil concerns likely to keep market in check

market | May 22, 2018 7:26 AM IST

Strong global cues may slightly recover market; oil concerns likely to keep market in check

The Indian stock market may slightly recover, after five consecutive weak sessions, due to strong global cues.

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The slight recovery comes in as the Indian market will also be affected by the increase in oil prices due to high demand and lack of supply and as the rupee remains weak.
The SGX Nifty, however, is trading at levels around 10,520, indicating a weak opening for the Indian market.
Oil prices rose on Tuesday amid worries that Venezuela's crude output could drop further following a disputed presidential election in the country and with potential sanctions on the OPEC-member.
Brent crude futures were at $79.37 per barrel at 0110 GMT, up 15 cents, from their last close. Brent broke through $80 for the first time since November 2014 last week.
The US dollar ended higher against the rupee at Rs 68.12/13 per dollar, keeping the rupee weak for at least a month.
The global markets recovered largely as trade tensions between the US and China seemed to have eased.
US Treasury Secretary Steven Mnuchin on Sunday declared the trade battle with China "on hold" after the two countries agreed to drop their tariff threats in favour of hashing out a broader deal.
The trade truce encouraged investors on Wall Street, sending up equity indexes that were also buoyed by news of $28 billion in US merger deals.
The US market ended largely higher with the Dow Jones Industrial Average rose 314.5 points, or 1.27 percent, to 25,029.59, the S&P 500 gained 21.53 points, or 0.79 percent, to 2,734.5 and the Nasdaq Composite added 41.26 points, or 0.56 percent, to 7,395.60.
The Asian markets eased in trade due to the same with Japan's Nikkei and Korea's Kospi trading in the green.
On the earnings front, SBI, IOC, Cipla, Bosch, Dr Reddy's Lab, Bata India, among others will declare their quarterly earnings.
The Indian market fell for the fifth session in a row on Monday as the outcome of the Karnataka elections and rising fuel prices weigh on the market.
The BSE Sensex slipped 232 points to 34,616 while the NSE Nifty fell 80 points to 10,517. A fall in the midcap space across the board also kept market breadth in favour of declines.
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