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Stocks likely to open with modest gains

Published on Apr 25, 2023 08:09

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 21 points at the opening bell.

Global markets:

Overseas, Asian stocks are largely lower on Tuesday, following a similar session on Wall Street as investors look ahead to Big Tech earnings later this week. Markets in Australia and New Zealand are closed for a holiday.

South Korea`s gross domestic product climbed 0.8% in the first quarter compared with a year ago, according to advance estimates from the country`s central bank. On a quarter-on-quarter basis, South Korea`s GDP expanded by 0.3%.

US stocks closed mixed on Monday as investors braced for mega tech earnings and economic data.

Investors` focus this week is on first quarter results from Amazon, Facebook owner Meta, Google-parent Alphabet and Microsoft. Economic data on housing, industrial output and first quarter GDP are also to be released this week.

Domestic markets:

Back home, the key equity indices ended with modest gains on Monday. Strong earnings from major companies supported buying. The S&P BSE Sensex extended its winning streak for the third consecutive session, jumping 401.04 points or 0.67% to 60,056.10. The Nifty 50 index added 119.35 points or 0.68% to 17,743.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 412.27 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,177.18 crore in the Indian equity market on 24 April, provisional data showed.

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