Gap-up start on the cards

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 166 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday, as investors reacted to the release of Japan's first quarter gross domestic data.

Japan's economy shrank at an annualized rate of 5.1% in January to March, government data showed Tuesday. On a seasonally adjusted basis, gross domestic product in January-March fell 1.3% quarter-on-quarter. That came as resurgent Covid infections in the country snapped two quarters of consecutive growth.

Wall Street stocks ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy.

On the coronavirus front, the World Health Organization warned Monday that the global pandemic isn't over yet despite high Covid vaccination rates in some countries. In Asia, places such as Singapore and Taiwan have seen a recent resurgence in local infections, prompting authorities to tighten restrictions in a bid to stem the virus' spread.

Domestic markets:

Back home, the domestic equity benchmarks ended with strong gains on Monday, supported by rally in banks stocks. The barometer index, the S&P BSE Sensex, advanced 848.18 points or 1.74% to 49,580.73. The Nifty 50 index added 245.35 points or 1.67% to 14,923.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,255.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,948.48 crore in the Indian equity market on 17 May, provisional data showed.

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