Asia markets rise as US debt ceiling talks end with no deal, Nik,31269/183/0.6% Dj,33286/-140/-0.42% Vix17,21/2.4%. US stock futures are slightly up, as wall street watches for debt ceiling progress, BC 27099/199/0.74%
Oil, 72, rises 1%as supplies shrink, demand seen higher, Gold, dips as debt officials suggest higher for longer US rates, Bonds,3.711, rise as investors weigh debt ceiling talks, Fed rate policy, Dollar,gains against yen, as fed policy and debt ceiling in focus,
Nifty:18314.4/111/0.61%;Candle:OF,Short day green; Bank Nifty:43885.1/-84.3/-0.19% Candle:OF,Short day red ; HB:OF, Short day red,1642.
News:The SGX Nifty indicates a positive start for the broader index with a gain of 29 points on Tuesday. SGX futures stood at 18,365. BPCL Q4 Results: Net profit zooms 159% YoY to Rs 6,478 crore, Indiabulls Housing finance Q4 net profit declines 14% to Rs 263 crore,
Events/Results:JSW Energy, Akzo Nobel India, Amara Raja Batteries, Ashok Leyland, Bajaj Electricals, Biocon, CMS Info Systems, Dishman Carbogen Amcis, Dixon Technologies (India), Dreamfolks Services, Fortis Healthcare, Linde India, Metro Brands, NMDC, Sudarshan Chemical Industries, Thyrocare Technologies, TTK Healthcare and Unichem Laboratories will be in focus ahead of quarterly earnings on May 23.
The National Stock Exchange has added Indiabulls Housing Finance, and retained L&T Finance Holdings and Manappuram Finance to its F&O ban list for May 23.
Market wrap up(DWM,T,N,E):It was a good start to the week as the market closed higher, continuing the uptrend for the second consecutive session on May 22, driven largely by technology and metal stocks. Pharma, oil & gas and select FMCG stocks also aided the uptrend. The BSE Sensex climbed 234 points to 61.964, while the Nifty50 rose 111 points to 18,314 and formed a bullish candlestick pattern on the daily timeframe, negating lower highs and lower lows formation of previous four straight sessions. Zooming into 15 minutes chart, we observe that Nifty has reversed its recent short-term downtrend. The reversal was confirmed when the Nifty took out the previous swing high of 18,186 last Friday. Further upsides are now likely once the immediate resistance of 18,335 is taken out. Crucial support is now at 18,178,” On the daily chart, he observes that Nifty found support near the 20-day SMA (simple moving average) and has bounced back in the last two sessions, indicating the uptrend looks set to continue. “Immediate upside target for the Nifty is at 18,459 once the immediate resistance of 18,335 is taken out,” The broader markets also joined bulls as the Nifty Midcap 100 and Smallcap 100 indices gained six-tenth of a percent respectively, but the overall market breadth was equal.
