Market nervous ahead of Biden-Powell meet

Global markets are slightly nervous ahead of US President Joe Biden’s meeting with Federal Reserve Chair Jerome Powell to discuss the state of the American and global economy. Inflation is on the top of the mind according to US President Joe Biden’s blog.

The US market will open today after a three-day extended weekend, so the market will react to the cues tomorrow.

Trade setup for May 31: As Nifty50 overcomes key resistance, the bulls may extend the run

Indian equity benchmarks rose to nearly one-month closing highs on Monday as the bulls continued to dominate Dalal Street for the third consecutive session. Gains across sectors propelled the gain in both the main indices, with financial, IT, auto and FMCG shares being the biggest movers.

Continuing their selling spree, foreign investors have dumped Indian equities worth over Rs 39,000 crore this month so far amid rising bond yields in the US, an appreciating dollar and prospects of more aggressive rate hikes by the Federal Reserve.

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The SGX Nifty is indicating a bit of a downtick at the start – down 56 points.