Stocks poised for positive opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 55 points at the opening bell.

On the coronavirus front, the vaccination drive will be opened up for all citizens above the age of 18 from May 1, the Government of India announced on April 19. The immunisation drive was currently restricted to only citizens aged above 45.

Global markets:

Overseas, Asian stocks are trading mostly lower on Tuesday as China kept its benchmark lending rate unchanged.

On the economic data front, China kept its benchmark lending rate for corporate and household loans steady for the 12th straight month at its April fixing on Tuesday, matching market expectations. The one-year loan prime rate (LPR) was kept at 3.85%. The five-year LPR remained at 4.65%.

U.S. stocks slipped from record levels to start the week on Monday as weakness in the technology sector weighed on the broader market.

On the coronavirus front, White House chief medical advisor Dr. Anthony Fauci said he expects the U.S. will resume administration of the Johnson & Johnson vaccine. The Food and Drug Administration asked states last week to temporarily halt using the single dose vaccine out of an abundance of caution after six women developed a rare blood-clotting disorder.

Domestic markets:

Back home, the key equity indices ended with significant losses on Monday. A spike in domestic coronavirus cases and localized lockdown being announced by various state governments dented investors sentiment. The barometer index, the S&P BSE Sensex, dropped 882.61 points or 1.81% to 47,949.42. The Nifty 50 index tumbled 258.40 points or 1.77% to 14,359.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,633.70 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,355.56 crore in the Indian equity market on 19 April, provisional data showed.

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