Indices may open on firm note

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 67 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Friday following an overnight bounce on Wall Street.

U.S. stocks rose on Thursday, rebounding from three straight days of losses as technology shares staged a comeback, while the latest jobless claims totaling a fresh pandemic-era low also boosted sentiment.

U.S. Federal Reserve chief Jerome Powell turned up the heat on cryptocurrencies on Thursday, saying they pose risks to financial stability, and indicating that greater regulation of the increasingly popular electronic currency may be warranted.

The Treasury Department, meanwhile, flagged its concerns that wealthy individuals could use the largely unregulated sector to avoid tax and said it wanted big crypto asset transfers reported to authorities.

The number of Americans filing new claims for unemployment benefits dropped further below 500,000 last week. Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 444,000 for the week ended May 15, the Labor Department said. That was the lowest since mid-March 2020 and held claims below 500,000 for two straight weeks.

Domestic markets:

Back home, the domestic equity benchmarks declined for the second consecutive session on Thursday. The barometer index, the S&P BSE Sensex, declined 337.78 points or 0.68% to 49,564.86. The Nifty 50 index lost 124.10 points or 0.83% at 14,906.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 71.04 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 876.06 crore in the Indian equity market on 20 May, provisional data showed.

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