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Stocks geared for gap-up opening

Published on Apr 26, 2022 08:26

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 118 points at the opening bell.

As per reports, the much-awaited initial public offering of the Life Insurance Corporation of India (LIC) is likely to open on 4 May 2022 and close on 9 May 2022. The government is likely to price LIC IPO at Rs 950-1,000 per share. By seeking Rs 21,000 crore from the proposed IPO, the government targets a valuation of Rs 6 trillion for the insurer.

Global markets:

Overseas, Asian stocks are trading mixed on Tuesday as investors are set to closely watch market reaction to COVID fears in China as Beijing expands mass testing.

Wall Street rose on Monday, with the Nasdaq ending sharply higher after Twitter agreed to be bought by billionaire Elon Musk, sparking a late day rally in growth stocks.

Twitter jumped roughly 5.7% after the social media company announced it accepted billionaire Elon Musk`s buyout deal valued at about $44 billion.

Domestic markets:

Back home, benchmark indices declined for the second trading session on Monday amid weak global cues. The barometer index, S&P BSE Sensex slumped 617.26 points or 1.08% at 56,579.89. The Nifty 50 index lost 218 points or 1.27% to 16,953.95.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,302.85 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,870.45 crore in the Indian equity market on 25 April, provisional data showed.

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