Stocks may open in positive zone

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 147 points at the opening bell. Adani Ports and Special Economic Zone will announce its Q4 result today, 5 May 2020.

Domestic shares had corrected sharply on Monday, snapping its four-day rising streak. The slump was triggered by weak global cues, muted results from India Inc, zero sales from top auto manufacturers in April, an extension of lockdown by another two-weeks and contraction in manufacturing activity. The barometer S&P BSE Sensex tumbled 2,002.27 points or 5.94% at 31,715.35. The Nifty 50 index lost 566.40 points or 5.74% at 9,293.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,373.98 crore, while domestic institutional investors (DIIs), too, sold shares worth Rs 1,661.61 crore in the Indian equity market on April 4, provisional data showed.

Overseas, Asian stocks are trading higher on Tuesday after tech and oil rose on easing coronavirus restrictions and prospects of an economic recovery. Markets in China, Japan and South Korea are shut on account of a holiday.

The Reserve Bank of Australia is expected to announce its interest rate decision on Tuesday.

US stocks ended higher on Monday as increases in large tech and internet companies and oil price gains outweighed concerns about the latest US-China tensions and downbeat sentiment from the annual meeting of Warren Buffett's Berkshire Hathaway.

In economic data, U.S. factory orders sank 10.3% in March, and orders for long-lasting goods slumped 14.7%.

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