Market may see gap-up opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 116 points at the opening bell.

Global markets:

Overseas, Asian stocks were mixed in Monday trade as investors continue to monitor the situation surrounding the coronavirus pandemic.

Amid the pandemic, China surpassed the U.S. as the world's largest recipient of foreign direct investment, according to a report released Sunday from the United Nations Conference on Trade and Development. China brought in $163 billion in inflows last year, compared to $134 billion attracted by the U.S., according to the report.

Developments around Covid-19 are likely to be watched by investors, as the world races to adapt against the mutating coronavirus which has produced a number of potentially more infectious variants.

In US, stocks finished mixed on Friday the S&P 500 and Dow finished in the red while the Nasdaq Composite closed at a record high. The Dow and S&P 500 ended modestly lower on Friday, dragged down by losses in blue-chip technology stalwarts Intel and IBM following their quarterly results.

Domestic markets:

Back home, domestic shares slumped on Friday, led by steep selling in banks stocks. Global stocks corrected as investors locked profits after a recent rally that was driven by hopes of a massive US economic stimulus plan by incoming President Joe Biden. The S&P BSE Sensex, tumbled 746.22 points or 1.5% at 48,878.54. The Nifty 50 index dropped 218.45 points or 1.5% at 14,371.90.

Foreign portfolio investors (FPIs) sold shares worth Rs 635.69 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,290.35 crore in the Indian equity market on 22 January, provisional data showed.

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