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( As on May-29-2023 08:52 )

The market is expected to start marginally higher on Monday as the SGX Nifty indicates a positive start for the broader index, with a gain of 83 points after opening the session 0.62 percent higher. SGX futures touched a high of 18,632 in early trade on May 29.

Further, foreign market inflows will be key indicating market trend on Monday. Among stocks, Sun Pharma will be on radar after it offered to acquire remaining stake in its Israel-based arm Taro Pharma for $38 per share.

ONGC will be eyed after it reported a surprise loss of Rs 248 crore in Q4FY23 after it made a provision of over Rs 12,100 crore for a contested tax liability.

On Friday, the 30-share benchmark index ended at 62501.69 up by 629.07 points or by 1.02 % and then NSE Nifty was at 18499.35 up by 178.2 points or by 0.97 %.

On the global front, Asian markets climbed higher this morning on the development with Japan's Nikkei in lead, rising 2 per cent. Hang Seng, Strait times, S&P/ASX 200 and Kospi rose 0.2-1 per cent.

US stock futures were up 0.2-0.5 per cent following a cash market rally of 1-2 per cent on Friday.

US reached a tentative deal over the weekend to raise the debt ceiling, which will likely avert a looming default. Under the debt deal, which now awaits a final nod by lawmakers in the Congress, the $31.4 trillion debt ceiling will be suspended until January 2025. In return, non-defence discretionary spending in 2024 will be capped at 2023 levels, and will be increased by 1 per cent the year after.

Back home, Top traded Volumes on NSE Nifty – Tata Steel Ltd. 28362042.00, Oil And Natural Gas Corporation Ltd. 14873707.00, HDFC Bank Ltd. 13317533.00, ITC Ltd. 12995706.00, ICICI Bank Ltd. 10957182.00, On NSE, total number of shares traded was 24.88 Crore and total turnover stood at Rs. 54585.78 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 277833 with a total turnover of Rs. 27338.60 Crore. Along with this total number of contracts traded in stock futures were 810529 with a total turnover of Rs. 56495.13 Crore. Total numbers of contracts for index options were 132308169 with a total turnover of Rs. 12819939.25 Crore. and total numbers of contracts for stock options were 3115025 with a total turnover of Rs. 221644.39 Crore.

The FIIs on 26/05/2023 stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 10533.10 Crore and gross debt purchased stood at Rs. 1837.45 Crore, while the gross equity sold stood at Rs. 8021.42 Crore and gross debt sold stood at Rs. 690.88 Crore. Therefore, the net investment of equity and debt reported were Rs. 2511.68 Crore and Rs. 1146.57