Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 28.50 points at the opening bell.
US Treasury Secretary Steven Mnuchin reportedly said that bilateral trade talks with China had made very meaningful progress and that it was now up to both parties to implement what had been discussed. Mnuchin said over the weekend that the Trump administration would delay implementation of tariffs on Chinese goods and put the trade war on hold while working out details of a deal between the countries.
A focus for global markets this week is Wednesday's release of minutes from the Federal Reserve's latest monetary policy meeting. Investors will be watching the minutes for clues about the pace of the current tightening cycle.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 496.03 crore yesterday, 21 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1190.56 crore yesterday, 21 May 2018, as per provisional data.
Among corporate news, Bata India, Cipla, Dr Reddy's Laboratories, Indian Oil Corporation and State Bank of India will announce January-March 2018 results today, 22 May 2018.
Key benchmark indices declined for a fifth straight session yesterday, 21 May 2018, as the political situation in Karnataka left investors uneasy. The barometer index, the S&P BSE Sensex, fell 232.17 points or 0.67% to settle at 34,616.13. The Nifty 50 index fell 79.70 points or 0.75% to settle at 10,516.70.
On the political front, the much-awaited Karnataka floor test ended in an anti-climax of sorts with BS Yeddyurappa, who took oath as the Chief Minister on Thursday, 17 May 2018, resigned on Saturday, 19 May 2018, after he failed to secure the magic number of 112 required to form the government. Janata Dal (Secular) leader HD Kumaraswamy will now be sworn in as Chief Minister on Wednesday, 23 May 2018.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)