ANI
24 May 2023, 10:57 GMT+10
New Delhi [India], May 24 (ANI): Indian stock market indices traded largely steady on Wednesday morning as the US debt ceiling impasse continues to affect global markets.
Benchmark indices Sensex and Nifty rose a mere 0.1 per each when writing this report.
"Since failure to reach a resolution (regarding the debt ceiling in the US) will have catastrophic consequences for the global economy and markets, a resolution of the crisis at the eleventh hour is the most likely scenario. But markets will be on tenterhooks till then," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The debt ceiling is the amount of money the US government can borrow to pay the nation's bills. US Secretary of Treasury Janet Yellen had said her country could default in early June if the debt ceiling is not extended. But Congress seems to be divided on the consensus to raise the ceiling limit.
However, declining inflation rates in India and a possible repo rate cut by the RBI by the end of 2023 are clear positives for the market.
"The near-term scenario is uncertain but for long-term investors buying high conviction stocks on declines will fetch decent returns," Vijayakumar added. (ANI)Get a daily dose of Business Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Business Sun.
More InformationNEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
NEW YORK CITY, New York: The U.S. dollar tumbled this week, hitting its lowest levels since 2021 against the euro, British pound, and...
SAN FRANCISCO, California: A U.S. judge has dismissed a copyright lawsuit filed by 13 authors against Meta Platforms, the company that...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
SAN FRANCISCO, California: A U.S. judge has dismissed a copyright lawsuit filed by 13 authors against Meta Platforms, the company that...
The US president still said that the tech billionaires attacks on him and his big, beautiful bill were not appropriate Donald Trump...
BEIJING, June 30 (Xinhua) -- In a workshop in the southwestern Chinese city of Chengdu, rows of fermentation tanks are filled with...