Stock Market Today: SGX off to positive start; Wall Street rallies

Stock Market Today: SGX Nifty trends show a positive start for the broader Indian index, up 46.50 points or 0.25 percent. Good futures traded around 18,278.50 on the Singapore exchange. Profit booking continued for the second straight session on May 17 with the Nifty closing below the 18,200 mark, led by mixed global markets amid worries over the debt ceiling crisis in the US.

Dollar firms on optimism over US debt ceiling talks

The US dollar held close to a seven-week high on Thursday as President Joe Biden and the top Republican in the US Congress, Kevin McCarthy, tried to avoid a damaging debt crisis, while the Australian fell after disappointing jobs data.

Biden and McCarthy on Wednesday underlined their determination to reach an agreement soon to raise the government's $31.4 trillion debt ceiling, agreeing a day earlier to begin negotiations immediately after months of wrangling.

Rising hedge fund yields helped boost the US dollar. Against a basket of currencies, the dollar index strengthened near the previous session's seven-week peak and was last at 102.86.

Stock Market Today: Gold steady as US debt talks dominate market mood

Gold prices were flat on Thursday as the dollar eased slightly from a seven-week high as traders focused on talks in Washington to raise the US debt ceiling.

Local gold was at $1,983.79 an ounce at 0249 GMT. US gold futures remained flat at $1,986.60.

Goldman Sachs slashes Adani group stakes from its ESG funds

The investment arm of Goldman Sachs Group Inc has dramatically reduced its exposure to Adani Group in its ESG portfolios in the weeks after short seller Hindenburg Research made allegations of fraud at the conglomerate.

Goldman funds, registered under European Union rules as promoters of environmental, social and governance goals, sold about 11.7 million shares of Adani companies in February, according to data compiled by Bloomberg. After the withdrawal, Goldman Sachs Asset Management's actively managed ESG fund's exposure to Adani was limited to about 400,000 shares of Ambuja Cements Ltd, the data shows.

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