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Indices may open higher

May 26 2020

Indian market is expected to open higher as trading resumes after a long weekend. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 66 points at the opening bell.

Overseas, Asian stocks are trading higher on Tuesday as investors looked to a re-opening world economy.

Meanwhile, American biotech firm Novavax said Monday it started the first human study of its experimental coronavirus vaccine. The firm said it expects initial results on safety and immune responses in July.

Japanese Prime Minister Shinzo Abe announced Monday that the state of emergency will be lifted in the last five of the country's 47 prefactures.

In economic news, Singapore cut its 2020 economic forecasts for the third time this year. The Singapore economy is now expected to shrink by between 4.0% and 7.0% this year, according to the country's Ministry of Trade and Industry.

In US, markets were closed on Monday for Memorial Day. U.S. stock benchmarks ended little changed on Friday as investors looked ahead to a three-day weekend. The S&P 500 rose 0.2% to 2,955.45 while the Dow Jones Industrial Average slipped 8.96 points, or less than 0.1%, to 24,465.16. The Nasdaq Composite, rose 0.4% to 9,324.59.

Back home, stock markets were shut on Monday on account of Id-Ul-Fitr (Ramzan Id).

Key domestic benchmarks corrected on Friday, snapping their three-day rising streak. Weak global cues and rising COVID-19 cases in Indian triggered selling. Shares of banks and financial firms tumbled after the central bank extended loan moratorium by three more months. RBI Governor's projection of a likely negative GDP growth in FY21 further impacted sentiment. The barometer S&P BSE Sensex fell 260.31 points or 0.84% at 30,672.59. The Nifty 50 index lost 67 points or 0.74% at 9,039.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,353.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 344.16 crore in the Indian equity market on 22 May, provisional data showed.

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