Gap-up opening on the cards

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could surge 146 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday after Wall Street's rally overnight. The UK's decision to reverse more of its unfunded tax cuts also aided global market sentiment.

Wall Street jumped to robust gains on Monday as solid earnings and a financial policy reversal in Britain fueled risk appetite.

Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's proposed tax cuts and reined in her energy subsidies, while Bank of America Corp posted consensus-beating third quarter results, having benefited from a spate of interest rate hikes from the Federal Reserve.

Domestic markets:

Back home, domestic headline equity indices ended with strong gains on Monday, mirroring positive global cues. The barometer index, the S&P BSE Sensex, jumped 491.01 points or 0.85% to 58,410.98. The Nifty 50 index gained 126.10 points or 0.73% to 17,311.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 372.03 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,582.24 crore in the Indian equity market on 17 October, provisional data showed.

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