SGX Nifty indicates gap-up start for Sensex, Nifty
US stocks notched a record close on Friday in what proved to be a volatile day in financial markets following a much weaker than expected jobs report.
SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could surge 147 points at the opening bell.
Global markets: Overseas, Asian stocks traded broadly higher on Monday following “a big miss” in the April US jobs report.
US stocks notched a record close on Friday in what proved to be a volatile day in financial markets following a much weaker than expected jobs report.
The S&P 500 climbed 0.7% to 4,232.60, hitting a record high. The Dow Jones Industrial Average rose 229.23 points, or 0.7%, to 34,777.76 to reach another closing high. The tech-heavy Nasdaq Composite rose 0.9% to 13,752.24.
US job growth unexpectedly slowed in April, likely restrained by shortages of workers, the Labor Department report on Friday showed. US employers hired 266,000 new workers in April, according to the labour department’s monthly non-farm payrolls report, far below the level that economists had expected. The unemployment rate rose to 6.1% last month amid an escalating shortage of available workers. Meanwhile, March’s originally estimated total of 916,000 was revised down to 770,000.
Domestic markets:
Back home, domestic indices ended with decent gains on Friday amid positive global cues. The S&P BSE Sensex, rose 256.71 points or 0.52% to 49,206.27. The Nifty 50 index gained 98.35 points or 0.67% to 14,823.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,142.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,468.09 crore in the Indian equity market on 7 May, provisional data showed.
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