Market likely to open on flat note

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 6 points at the opening bell.

Investors will continue to monitor India's Covid situation as the country continues to battle a second wave that is pushing its health-care system to the brink.

Global markets:

Overseas, Asian stocks are trading lower on Tuesday as investors await the Bank of Japan's interest rate decision. That comes as multiple regions, including Tokyo and Osaka, were recently placed under a new state of emergency to curb the spread of coronavirus infections.

In US, the S&P 500 and Nasdaq closed at record highs on Monday, fueled by Tesla Inc and other heavyweight growth stocks ahead of a deluge of earnings reports this week.

Going ahead, the Federal Reserve, which meets on Tuesday and Wednesday, is expected to defend its policy of letting inflation run hot, while assuring markets it sees the pick-up in prices as only temporary. Chairman Jerome Powell will host a press conference Wednesday afternoon to discuss the Federal Open Market Committee's decision.

Domestic markets:

Back home, the benchmark indices ended with strong gains on Monday, tracking positive global cues. The S&P BSE Sensex, soared 508.06 points or 1.06% at 48,386.51. The Nifty 50 index gained 143.65 points or 1% at 14,485.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,111.89 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,022.57 crore in the Indian equity market on 26 April, provisional data showed.

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