Sensex, Nifty may open in red on Tuesday; 5 things to know before opening bell today

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May 4, 2021 8:27 AM

Nifty futures were trading 30 points or 0.20 per cent down at 14,650.80 on Singaporean Exchange, indicating a negative opening for BSE Sensex and Nifty 50 on Tuesday

Sensex, Nifty, COVID-19, stock marketInvestors will continue to watch rising COVID cases, on-going inoculation, Q4 results, rupee movement, oil prices and other global cues. Image: Reuters

Nifty futures were trading 30 points or 0.20 per cent down at 14,650.80 on Singaporean Exchange, indicating a negative opening for BSE Sensex and Nifty 50 on Tuesday. Currently, the 30-share Sensex sits at 48,718 while the Nifty 50 index is at 14,634. Global cues were positive on Tuesday morning. Investors will continue to watch rising COVID cases, ongoing inoculation, Q4 results, rupee movement, oil prices and other global cues.

Global markets: Asian stock markets were trading higher on Tuesday. Markets in Japan and China were closed for holidays. South Korea’s Kospi gained 0.14 per cent while Australia’s S&P/ASX 200 edged 0.18 per cent up. In overnight trade on Wall Street, the S&P 500 and the Dow indexes ended higher amid a largely upbeat earnings season. The Dow Jones Industrial Average rose 0.7 per cent, while the S&P 500 gained 0.27 per cent. The Nasdaq Composite dropped half a per cent.

Technical chart reading: On Monday, Nifty 50 opened with a strong gap down but managed to recover all day losses in the second half and closed a day at 14634 with minimal loss, forming a bullish candle on the daily chart. “The overall structure still looks cautious until trading below 14800 zones, on the higher side index, has stiff hurdle at 14720-14800 zone profit booking is suggested around said levels fresh breakout will be only above 14800 zone and good supports are placed at 14550-14500 zone,” said Rohit Singre, Senior Technical Analyst at LKP Securities.

Q4 results today: As many as 20 BSE-listed firms including Adani Ports and Special Economic Zone, Alembic Pharmaceuticals, Apollo Pipes, Adani Total Gas, DCM Shriram, EIH Associated Hotels, Greaves Cotton, IIFL Securities, Larsen & Toubro Infotech, Morepen Laboratories, Procter & Gamble Hygiene & Health Care, RBL Bank, Skipper, Suven Life Sciences, and Vikas WSP will release their quarterly earnings on May 4.

Tug of war between FIIs and DIIs continues: On Monday, foreign institutional investors (FIIs) were seen selling Indian stocks worth Rs 2,289 crore, while domestic institutional investors (DIIs), on the other hand, bought of shares worth Rs 552 crore.

Bill, Melinda Gates end 27-yr marriage: Bill and Melinda Gates said on Monday that they were divorcing after 27 years of marriage. “After a great deal of thought and a lot of work on our relationship, we have made the decision to end our marriage,” the two said in a statement posted on Twitter.

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