On Monday morning, key domestic equity market indices rose as investors bought IT stocks, bucking the weak global indications that were pervasive at the time.
In the first hour of trading on Monday, the BSE 30-share Sensex rose 156 points to 61,909.79 and the NSE Nifty 50 climbed 69 points to 18,272.60. In the Asian markets, the Hang Seng in Hong Kong rose 237 points, the Nikkei in Japan fell 5 points, the Shanghai in China rose 16 points, the Philippines Stock Exchange was trading in the red, and the Thailand Set was in the green.In the US stock markets, the Nasdaq fell 30 points, the Dow Jones fell 109 points, the NYSE fell 21 points, and the S&P/BMV fell 967 points.
The US Federal Reserve is unlikely to hike rates again in June, experts appear to agree, according to CNN Business. “The absence of any such preparation [for a raise] is the signal and gives us additional confidence that the Fed is not going to hike in June absent a very big surprise in the remaining data, though we should expect a hawkish pause,” Evercore ISI strategists wrote in a May 19 note.
Amsterdam, Deustche, CAC, and BEL were trading in the green on the European market, while the FTSE rose 14 points and the IBEX 35 climbed 38 points.
According to preliminary data made available on the NSE, domestic institutional investors (DII) were net purchasers on Friday and bought shares worth Rs 1,071.35 crore, while foreign institutional investors (FII) sold shares worth Rs 113.46 crore. Inching closer to USD 600 billion, India’s foreign exchange reserves have risen to a level not seen in nearly a year.
The reserves increased to USD 599.529 billion in the week that ended on May 12 for which data is available.The Indian rupee opened 13 paise lower at 82.79 against the US dollar as compared to Friday’s close of 82.66 per dollar.