Asia market rise as wall street lifted by hopes of debt ceiling deal. Nik, 30533/440/1.5% Dj,33420/408/1.24% Vix16.87/-6.2% US futures are little changed as traders hope for a debt ceiling, BC 27407/425/1.6%
Oil,72.7,settles up $2 optimism about US debt ceiling, demand, Gold, 1986, slips as dollar rises on hawkish cues from Fed officials, Bonds,3.564, treasury yield ticks higher as hope rises around possible debt ceiling deal, Dollar, scales 7 week peak, after solid data, deft ceiling optimism,
Nifty:18181.75/-104.75/-0.58%;Candle:OF, Short day red; Bank Nifty: 43698.7/-205/-0.47% Candle:OF, Short day red; HB:OF,
News:The SGX Nifty indicates a positive start for the broader index with a gain of 58 points on Thursday. SGX futures stood at 18,281. Jubilant Foodworks Q4 net profit falls 59% on hike in raw material costs, ITC Q4 preview | Net profit to grow 14%, cigarette volume growth pegged at 13%
Events/Results:State Bank of India, ITC, GAIL (India), InterGlobe Aviation, Arvind, Bata India, Clean Science and Technology, Container Corporation of India, Gland Pharma, Gujarat Narmada Valley Fertilizers & Chemicals, Gulf Oil Lubricants India, Krishna Institute of Medical Sciences, PTC India Financial Services, PI Industries, PNB Housing Finance, RITES, Shalby, Tata Elxsi, Ujjivan Financial Services, United Spirits, and Zydus Lifesciences will be in focus ahead of quarterly earnings on May 18.
The National Stock Exchange has added Aditya Birla Fashion & Retail, LIC Housing Finance, and retained Balrampur Chini Mills, Delta Corp, GNFC, Punjab National Bank, and Manappuram Finance to its F&O ban list for May 18.
Market wrap up(DWM,T,N,E):The market succumbed to selling pressure for the second consecutive session with the benchmark indices falling six-tenth of a percent on May 17, dragged by technology, metal, banking & financial services, and pharma stocks. “A long negative candle was formed on the daily chart with a lower shadow. Technically, this pattern signals a short-term reversal in the market on the downside. After the formation of a bearish engulfing pattern on Tuesday, the market seems to have declined with follow-through action post bearish pattern,” Immediate support has been broken on the downside at 18,250 levels and the Nifty is now sliding down to another crucial support of 20-day EMA (exponential moving average) around 18,050 levels. “The recent swing high of 18,458 of May 15 could be considered as a new higher top of the sequence. The present weakness could be in line with another higher bottom formation at the lows. Immediate support is at 18,050 levels,”
