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Gap-up opening likely on strong global cues

Published on May 30, 2022 08:16

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 147 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday as investors look ahead to major economic data releases later in the week.

Markets in the U.S. are closed on Monday for a holiday. Wall Street closed sharply higher on Friday as signs of peaking inflation and consumer resilience boosted sentiment.

The core personal consumption expenditures price index rose 4.9% in April, down from the 5.2% pace seen the previous month. This particular report is watched closely by the Federal Reserve when setting policy.

US consumer spending rose more than expected in April as households boosted purchases of goods and services. Consumer spending increased 0.9% last month. Data for March was revised higher to show outlays racing 1.4% instead of 1.1% as previously reported.

Domestic markets:

Back home, the key equity indices ended with strong gains on Friday, tracking positive global cues. The barometer index, the S&P BSE Sensex, advanced 632.13 points or 1.17% to 54,884.66. The Nifty 50 index added 182.30 points or 1.13% to 16,352.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,943.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,727.47 crore in the Indian equity market on 27 May, provisional data showed.

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