SGX Nifty hints at gap-down start for Sensex, Nifty; key things to know before opening bell
On the political front, exit polls on Thursday forecast a tight contest between the incumbent Trinamool Congress and the BJP in the high-profile West Bengal assembly polls
SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 159 points at the opening bell.
On the political front, exit polls on Thursday forecast a tight contest between the incumbent Trinamool Congress and the BJP in the high-profile West Bengal assembly polls, while the ruling Left combine was projected to retain power in Kerala and so was the case for BJP in Assam. However, exit polls projected DMK-led opposition alliance as a winner in Tamil Nadu, while the Congress-led alliance was seen losing the neighbouring Puducherry.
Global markets: Overseas, Asian stocks traded lower on Friday. Data showed China’s factory activity expanded at a slower-than-expected pace in April as the official manufacturing Purchasing Manager’s Index fell to 51.1, from 51.9 in March. A reading above 50 indicates expansion.
In US, the S&P 500 closed at record levels on Thursday after blowout earnings results from two of the biggest tech companies in the world: Apple and Facebook.
Apple said that sales jumped 54% during the quarter, with each product category seeing double-digit growth. The company also said it would increase its dividend by 7%, and authorized $90 billion in share buybacks. Facebook’s revenue jumped 48%, driven by higher-priced ads.
Economic data released Thursday gave investors an update on the progress of the economic recovery. First-quarter GDP hit an annualized rate of 6.4%.
Domestic markets: Back home, the domestic equity indices advanced for the fourth trading session on Thursday. Global stock markets were positive after the US Federal Reserve pledged to maintain easy monetary policy to aid economic recovery.
Foreign portfolio investors (FPIs) bought shares worth Rs 809.37 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 942.35 crore in the Indian equity market on 29 April, provisional data showed.
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