Indian Markets Closed For Lok Sabha Elections

(RTTNews) - Indian markets remain closed today on account of Lok Sabha polls in Mumbai.

Market experts anticipate continued volatility in the near term due to FII selling amid lingering uncertainty surrounding election results.

FIIs have sold shares worth a net Rs 10,650 crore in the cash segment during the week ended May 18, taking the total net selling for the current month to Rs 33,625 crore.

In economic releases, HSBC Manufacturing and Services PMI Flash numbers for May will be released on May 23 while foreign exchange reserve data for the week ended May 17 will be released on May 24.

Asian markets traded higher this morning after China announced new measures to support the country's struggling property market.

The dollar index was little changed as investors look ahead to the release of the FOMC minutes, a speech by Fed Chair Jerome Powell and the PMI data for May for additional clues on the rate outlook.

Gold traded higher above $2,400 per ounce while oil clung to modest gains amid uncertainty surrounding Iranian President Ebrahim Raisi's condition after a helicopter crash.

U.S. stocks fluctuated before ending mostly higher on Friday, marking their fourth winning weak in a row on hopes of a September rate cut from the Federal Reserve. The Dow edged up 0.3 percent to close above 40,000 for the first time and the S&P 500 added 0.1 percent while the tech-heavy Nasdaq Composite finished marginally lower.

European stocks closed slightly lower on Friday to snap a nine-day winning streak on the back of hawkish Fed comments, some disappointing earnings and mixed economic data from China.

The pan European STOXX 600 slipped 0.1 percent. The German DAX and the U.K.'s FTSE 100 both eased around 0.2 percent, while France's CAC 40 shed 0.3 percent.