Market may open with small gains

19 Apr 2022 , 08:22 AM

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Tuesday, as investors watched for market reaction to Chinas central bank announcing financial support for Covid-hit sectors. On Monday, the Peoples Bank of China announced it will increase financial support for industries, businesses and people affected by Covid-19.

Wall Street ended the day lower in a choppy trading day on Monday, while US Treasury yields jumped as investors juggled strong earnings with what Russias invasion of Ukraine could mean for global growth.

The World Bank lowered its annual global growth forecast for 2022 on Monday by nearly a full percentage point, down from 4.1% to 3.2%, citing the impact that Russias invasion of Ukraine is having on the world economy.

Domestic markets:

Back home, the equity market settled with deep losses on Monday, extending losses for the fourth trading session. Rising bond yields, firm crude oil prices and a steep rise in fresh COVID-19 cases in India also dampened investors sentiment. The barometer index, S&P BSE Sensex slumped 1,172.19 points or 2.01% at 57,166.74. The Nifty 50 index tumbled 302 points or 1.73% at 17,173.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,387.45 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,341.96 crore in the Indian equity market on 18 April, provisional data showed.

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