Market may open on firm note

29 Apr 2022 , 08:27 AM

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 79 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Friday following big gains overnight on Wall Street. Markets in Japan are closed on Friday for a holiday.

Wall Street ended sharply higher on Thursday after a strong quarterly report from Meta Platforms lifted beaten down technology and growth stocks and offset worries about the US economys contraction in the first quarter. The Facebook parent surged 17.6% after the social network reported a larger-than-expected profit and rebounded from a drop in users.

US economic growth fell 1.4% annualised in the first quarter of 2022, government data said Thursday. The data was far worse than the mild increase analysts had expected, and came after the economy had grown 6.9% in the final quarter of 2021.

Domestic markets:

Back home, domestic equity indices ended with robust gains on Thursday, tracking strong global cues. The barometer index, S&P BSE Sensex surged 701.67 points or 1.23% at 57,521.06. The Nifty 50 index rallied 206.65 points or 1.21% at 17,245.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 743.22 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 780.94 crore in the Indian equity market on 28 April, provisional data showed.

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