Will Nifty reclaim 18300 or fall in trade? Check US shares, Asian markets, FII activity, SGX Nifty, more

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SGX Nifty as well as Wall Street hinted at a negative start for benchmark equity indices BSE Sensex and NSE Nifty 50. Here’s a look at the key things to know before the share market opens on Wednesday.

The SGX Nifty slipped 0.2% in trade on Tuesday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a flat-to-negative basis. Nifty futures were 38 points lower on the Singaporean exchange at 18,292. On Monday, the markets closed sharply lower. Nifty 50 ended down by over hundred points at 18,286 while Sensex gave up the 62,000 level to settle at 61,932.

“The domestic benchmark’s ascent towards record high was interrupted by selling pressure in heavyweight stocks, although small and mid-cap stocks outperformed. As anticipated, the Eurozone economy experienced a modest growth of 0.1% QoQ in the Jan-Mar period, following a stagnant previous quarter. In the US market, cautious trading prevailed as debt-ceiling negotiations took precedence,” said Vinod Nair, Head of Research, Geojit Financial Services.

Key things to know before share market opens

Wall Street

Wall Street ended in the red as the trouble with the debt ceiling soured sentiments. The Dow Jones Industrial Average tanked 1% while the tech-heavy Nasdaq Composite was down by 0.18% and the S&P 500 slid 0.64%.

Asian Markets

Asian markets traded mixed on Wednesday, despite negative cues from U.S. Hong Kong’s Hang Seng index declined 0.27%, while China’s Shanghai Composite slipped by 0.10% while the Shenzhen Component added 0.16%. Japan’s Nikkei 225 gained 0.65% as South Korea’s Kospi was 0.59% higher. The Taiwan Weighted Index traded 1.1% up.

Crude Oil

Oil prices fell for a second day on Wednesday after a surprise rise in U.S. crude inventories stoked demand concerns on the heels of weaker-than-expected economic data from the United States and China, the world’s two biggest oil consumers. Brent crude futures were 29 cents lower, or down by 0.4%, to $74.60 a barrel. U.S. West Texas Intermediate crude edged down by 32 cents, also 0.4% down, to $70.55, as of 0005 GMT. 

FII/DII Data

Foreign institutional investors (FII) net bought shares worth net Rs 1,406.86 crore, while domestic institutional investors (DII) net sold shares worth net Rs 886.17 crore on May 16, according to the provisional data availab...

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