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Home > Stock Market Updates > Market Savera - 22/5/2023


	Podcast:		Stock Market Updates
	Episode:		Market Savera - 22/5/2023
	Category:		Business
	Duration:		00:02:29
	Publish Date:		2023-05-22 03:13:42
	Description:		U.S. stocks finished lower on Friday, weighed down by worries over the debt-ceiling deadline and concerns that more mergers involving regional banks may be needed. All three major indexes booked weekly gains, and the Nasdaq rose 3% in a fourth straight week of gains for its longest winning streak since the week ending Feb. 3, according to Dow Jones Market Data. US Fed Chair Powell said that uncertainties surrounding the lagging impact of past rate hikes and recent bank credit tightening made it unclear whether more monetary tightening will be necessary. The Reserve Bank of India said that its board on Friday approved to transfer of a surplus of Rs. 87,416 crores to the government for the financial year ended March 31. This is the highest surplus transfer since Rs. 99,122 crore in FY21. China kept its benchmark lending rates unchanged for the ninth straight month on Monday, matching market expectations for May. China's one-year loan prime rate (LPR) was kept at 3.65% and its five-year LPR was unchanged at 4.30%. Asian shares and US stock futures traded in narrow ranges in early trading as uncertainty over US talks to avoid a debt default cast a shadow over markets. Nifty snapped a 3-session losing streak on May 19 aided by positive global cues. At close, Nifty was up 0.41% or 73.5 points at 18,203.4. Nifty formed a bullish near-hammer pattern on daily charts after a fall. Nifty needs to cross 18,459 on the upside for the upward momentum to continue. 18,055 on the downside needs to be protected if the intermediate bullish trend is to be maintained. The last of the Q4 results are expected in the current week. This could impact the individual stock prices, but the overall mood will be decided by the FPI flows and developments on the US debt default situation. Indian markets could open flat, in line with rangebound Asian markets today and despite lower US markets on Friday. Listen to the D-Street Details with Devarsh Vakil.
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