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Market may rise at opening bell; LIC debut eyed

Published on May 17, 2022 08:25

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34.50 points at the opening bell.

Life Insurance Corporation of India will debut on the stock markets today after a blockbuster initial public offering (IPO) that garnered Rs 21,000 crore for the government.

Global Markets:

The US Dow Jones index futures were up 58 points, indicating a strong opening in the US stocks on Friday.

Asian shares advanced on Tuesday, boosted by some tech stocks and as investors evaluated China`s efforts to stamp out a Covid outbreak.

Shanghai reported three days of zero community transmission, a milestone that could lead officials to start unwinding a growth-sapping lockdown.

In the US, the S&P dipped 0.39% on Monday. The Dow Jones Industrial Average saw a similar swing, although the 30-stock index eked out a 0.8% gain at the closing bell. The Nasdaq Composite, meantime, was the session`s underperformer as the carnage in tech stocks continued.

Data on Monday showed factory activity in New York state slumped in May for the third time this year amid a collapse in new orders and shipments.

Domestic Equity Market:

The equity benchmarks ended with small gains on Monday. Value buying emerged after the market tumbled in the past six sessions. The barometer index S&P BSE Sensex rose 180.22 points or 0.34% to 52,973.84. The Nifty 50 index gained 60.15 points or 0.38% to 15,842.30. In the preceding six sessions, the Nifty fell 5.40% and the Sensex declined 5.22%.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,788.93 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,428.39 crore in the Indian equity market on 16 May 2022, provisional data showed.

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