Market likely to open slightly lower

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 13 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Tuesday with major markets in Japan and China still closed for holidays.

In US, the S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under pressure from declines in some high-flying growth stocks, as the rotation into cyclical and economy reopening stocks continued.

New York Governor Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.

The U.S. economy is doing better but is not out of the woods yet, Federal Reserve Chair Jerome Powell reportedly said on Monday in remarks that flagged an upcoming central bank study documenting the disproportionate blow suffered by the less educated and working parents during the coronavirus downturn.

U.S. manufacturing activity grew at a slower pace in April. The ISM's index of national factory activity fell to a reading of 60.7 last month after surging to 64.7 in March, which was the highest level since December 1983.

Domestic markets:

Back home, the 30-share Sensex staged a strong recovery in late trade and ended with small losses after a volatile session on Monday. The Nifty ended almost flat near the 14,650 level after opening below the 14,500 mark. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities capped gains. The barometer index, the S&P BSE Sensex, fell 63.84 points or 0.13% to 48,718.52. The Nifty 50 index rose 3.05 points or 0.02% to 14,634.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,289.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 552.92 crore in the Indian equity market on 3 May, provisional data showed.

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