The Indian headline indices- Sensex and Nifty are likely to open flat on Friday morning ahead of a major event on May 23, when the much awaited Lok Sabha election results will be announced.
The Indian headline indices- Sensex and Nifty are likely to open flat on Friday morning ahead of a major event on May 23, when the much awaited Lok Sabha election results will be announced. The SGX Nifty ended in red at 11,290.50 level, lower by 14.50 points from the previous close. The Indian stock markets closed higher on Thursday. While Sensex settled up 278.60 points at 37,393.48 level, the Nifty50 also ended higher by 100.10 points at 11,257.10 level. We take a close look at key things which would drive the share market today:
Crude oil prices: The international Brent crude futures were last seen at $72.82 a barrel, up 20 cents, or 0.3%, from their previous close. Yesterday, Brent crude closed up 1.2 percent when crude oil prices hit its highest since April 26 at $73.36 a barrel. Whereas, US West Texas Intermediate (WTI) crude futures were last trading at at $63.18 per barrel, up 31 cents, or 0.5 percent, from their previous settlement.
FIIs and DIIs: As on May 16, the Foreign institutional investors (FIIs) sold shares worth Rs 953 crore on a net basis , while domestic institutional investors (DIIs) bought shares worth Rs 948 crore, as per the NSE data.
Lok Sabha Election results: The investors are keenly awaiting the Lok Sabha results which will be out on May 23, next week. This is the biggest event of this month, as the traders and market experts are pinning hope on the ruling government to come back to power in 2019 again. The market experts expect the next government to undertake major economic reforms and create job creation.
US-China trade war: China on Thursday warned US by saying that it will take necessary measures to safeguard the rights and interest of its business firms as US barred Chinese telecom major Huawei from its market. China urged the US to create favourable conditions for business cooperation.