Market may see gap-down start

Market will react to election results of the five states which were declared on May 2 and the record high GST revenue for April released on May 1.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 188 points at the opening bell.

On the coronavirus front, investors continue monitoring the Covid situation in India as the country continues to battle a deadly second wave of infections. Authorities reported 392,488 new cases in the previous 24 hours to push total cases to 19.56 million. So far, the virus has killed 215,542 people.

On the political front, election results 2021 for West Bengal, Assam, Tamil Nadu, Kerala and Puducherry assemblies were declared on Sunday (May 2). The TMC managed a landslide victory in West Bengal, the same as DMK in Tamil Nadu and Left-led LDF in Kerala. The BJP managed to retain power in Assam and cruised to victory in Puducherry.

On the macro front, the gross Goods and Services Tax (GST) revenue collection for April, 2021 hit yet another peak of Rs 1,41,384 crore, of which CGST was Rs 27,837 crore, SGST Rs 35,621,and IGST Rs 68,481 crore. Collections in April 2021 have surpassed even those of March.

Global markets:

Overseas, Asian stocks are trading mixed on Monday, with thinner trading volumes expected as major markets in China and Japan are closed for holidays.

Wall Street ended lower on Friday, with Amazon, Apple, Alphabet, and other tech-related companies weighing on the S&P 500 and Nasdaq despite recent strong quarterly earnings reports, said a Reuters report.

Domestic markets:

Back home, equity indices snapped four day rising streak and ended with deep losses on Friday. Mixed global cues, soaring new Covid-19 cases in the country and uncertainties surrounding vaccination weighed on the sentiment. The barometer index, the S&P BSE Sensex, slumped 983.58 points or 1.98% at 48,782.36. The Nifty 50 index slipped 263.80 points or 1.77% at 14,631.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,465.07 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,419.31 crore in the Indian equity market on 30 April, provisional data showed.

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