You are here: Home » News-CM » Equities » Market Report
Business Standard

Gap-down opening likely

Capital Market 

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 159 points at the opening bell.

On the political front, exit polls on Thursday forecast a tight contest between the incumbent Trinamool Congress and the BJP in the high-profile West Bengal assembly polls, while the ruling Left combine was projected to retain power in Kerala and so was the case for BJP in Assam. However, exit polls projected DMK-led opposition alliance as a winner in Tamil Nadu, while the Congress-led alliance was seen losing the neighbouring Puducherry.

Global markets:

Overseas, Asian stocks are trading lower on Friday as investors weighed the latest corporate earnings and solid economic growth data.

Data showed China's factory activity expanded at a slower-than-expected pace in April as the official manufacturing Purchasing Manager's Index fell to 51.1, from 51.9 in March. A reading above 50 indicates expansion.

In US, the S&P 500 closed at record levels on Thursday after blowout earnings results from two of the biggest tech companies in the world: Apple and Facebook.

Apple said that sales jumped 54% during the quarter, with each product category seeing double-digit growth. The company also said it would increase its dividend by 7%, and authorized $90 billion in share buybacks. Facebook's revenue jumped 48%, driven by higher-priced ads.

Economic data released Thursday gave investors an update on the progress of the economic recovery. First-quarter GDP hit an annualized rate of 6.4%.

Domestic markets:

Back home, the domestic equity indices advanced for the fourth trading session on Thursday. Global stock markets were positive after the US Federal Reserve pledged to maintain easy monetary policy to aid economic recovery. The barometer index, the S&P BSE Sensex, rose 32.10 points or 0.06% at 49,765.94. The Nifty 50 index added 30.35 points or 0.20% at 14,894.90.

Foreign portfolio investors (FPIs) bought shares worth Rs 809.37 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 942.35 crore in the Indian equity market on 29 April, provisional data showed.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, April 30 2021. 08:33 IST