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 Milwaukee 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 Milwaukee Sun.
More InformationMADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
(Photo credit: Ronald W. Erdrich/Reporter-News / USA TODAY NETWORK) Four-star wide receiver Kaydon Finley has committed to Notre...
Washington [US], July 5 (ANI): Elon Musk is threatening Republicans who voted for President Donald Trump's 'big, beautiful bill,' posing...
(Photo credit: Eakin Howard-Imagn Images) Catcher Agustin Ramirez, who entered this weekend leading all major-league rookies with...
(Photo credit: Joe Camporeale-Imagn Images) Chicago White Sox shortstop prospect Colson Montgomery, promoted from Triple-A Charlotte...
(Photo credit: Kamil Krzaczynski-Imagn Images) The Chicago Cubs set a franchise record by bashing eight home runs in a single game...
(Photo credit: Sam Navarro-Imagn Images) Jackson Chourio stroked a tiebreaking RBI double in the eighth inning, leading the visiting...