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A gap-up opening expected

19-May-20    08:00

Stocks are likely to see a gap up opening following upbeat global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 195 points at the opening bell.

Overseas, Asian stocks were trading higher on Tuesday as hopes rise on a potential coronavirus vaccine after a positive development from a Moderna trial.

Moderna reported “positive” phase one results for a potential coronavirus vaccine. The company said that after two doses all 45 trial participants had developed coronavirus antibodies.

Chinese President Xi Jinping also said Monday that his country will provide $2 billion over two years to help other countries combat the impact of the coronavirus pandemic.

In US, stocks booked sharp gains Monday, on optimism that the American economy might be percolating again, while the medical community works toward a potential COVID-19 vaccine.

Stock-market bulls also gained confidence following remarks by the U.S. central bank chief Powell on Sunday and Monday that the Fed would continue to support the economy and financial markets through the viral outbreak.

Back home, the market slumped on Monday amid broad-based selling pressure, with banks stocks losing the most. Unimpressive economic stimulus, rising cases of Covid-19 in India and extension of nationwide lockdown dented investors sentiment. The barometer S&P BSE Sensex tumbled 1,068.75 points or 3.44% at 30,028.98. The Nifty 50 index lost 313.60 points or 3.43% at 8,823.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,512.82 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 152.42 crore in the Indian equity market on 18 May, provisional data showed.

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