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US stocks closed out the trading week on a soft note on Friday as early gains dissipated after U.S. debt ceiling negotiations in Washington were paused, denting optimism a deal could be reached in coming days to dodge a default. The Nasdaq Composite climbed 3.04 percent, while the S&P 500 gained 1.65 percent. The Dow added 0.38 percent. President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are set to meet Monday to continue negotiations. Treasury Secretary Janet Yellen has said the U.S. could default on its debt as early as June 1.
Asian stocks slipped on Monday as U.S. debt ceiling negotiations approached crunch time after stalling last week, while lingering banking fears and fresh geopolitical worries capped sentiment. In Japan, the Nikkei 225 slid 0.11 percent, while Kosdaq saw a loss of 0.34 percent. Hong Kong’s Hang Seng index looks to slightly fall, with futures at 19,410 compared to its close of 19,450.57.
At 8:20 am, the SGX Nifty was trading 30 points or 0.16 percent lower at 18,208, indicating a negative opening for the Indian markets.
Equity benchmark indices Sensex and Nifty found firmer ground on Friday after a three-session losing streak, propped up by buying in IT, tech and banking counters amid a positive trend overseas and unabated foreign fund inflows. The 30-share BSE Sensex climbed 297.94 points or 0.48 percent to settle at 61,729.68 helped by fag-end buying. The NSE Nifty advanced 73.45 points or 0.41 percent to end at 18,203.40.
Oil prices reversed course to fall on Friday after U.S. House Republicans and President Joe Biden’s administration paused talks about raising the government’s debt ceiling, threatening a default that could cut energy demand. Brent futures settled 28 cents, or 0.8 percent, lower at $75.58 a barrel, while West Texas Intermediate U.S. crude for July expiry fell 25 cents, or 0.3 percent, to $71.69.
Shree Cements, BPCL, PB Fintech, Aditya Birla Fashion, etc are likely to announce their March quarter results today.
The rupee fell 5 paise to close at 82.67 against the US currency on Friday, weighed down by a strong greenback overseas and surging crude prices in the international market.
Gold rallied 1 percent on Friday, recouping some losses from earlier this week, on renewed worries about the stability of the banking sector, while traders slashed bets for another interest rate hike following remarks from the US Federal Reserve chairman. Spot gold gained 1.2 percent to $1,981.79 per ounce by 12:30pm ET (1830 GMT). U.S. gold futures settled 1.1% higher at $1,981.60.
Foreign institutional investors (FIIs) sold shares worth ₹113.46 crore, whereas domestic institutional investors (DIIs) bought shares worth ₹1,071.35 crore on May 19, provisional data from the National Stock Exchange showed.