Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 52 points at the opening bell.

Investors will await the address by RBI Governor Shaktikanta Das scheduled for 10:00 IST today.

Global markets:

Overseas, Asian shares are trading lower on Wednesday as sentiment took a knock from a selloff in large cap Wall Street tech stocks, even as some of the other major Asia-Pacific markets are closed for the day. Markets in China and Japan remain closed for public holidays. South Korean markets are also shut.

In US, the Nasdaq fell more than 2% on Tuesday as steep declines in megacap growth stocks pushed Wall Street below record trading levels, with investors seeking shelter in more defensive parts of the market.

U.S. Treasury Secretary Janet Yellen said Tuesday that interest rates may have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on in part by trillions of dollars in government stimulus spending. The former Fed chair later tempered her comments somewhat on the need for higher rates, saying she respects the Federal Reserve's independence and was not trying to influence decision-making there.

Domestic markets:

Back home, the domestic equity indices ended with steep losses on Tuesday as mixed global cues and rising COVID-19 cases weighed on investors sentiment. The barometer index, the S&P BSE Sensex, fell 465.01 points or 0.95% at 48,253.51. The Nifty 50 index declined 137.65 points or 0.94% at 14,496.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,772.37 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 987.34 crore in the Indian equity market on 4 May, provisional data showed.

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