Nifty’s Opening As Street Awaits LIC Listing & Asian Markets Trade Higher

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Nifty’s Opening As Street Awaits LIC Listing & Asian Markets Trade Higher

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.07% higher at 8:25 am on Tuesday, indicating a muted-to-positive opening, as the market prepares for LIC’s listing, following mostly strong Asian stocks.

At the same time, the Dow Jones Futures gained 0.15% and Nasdaq 100 Futures advanced 0.38%.

The insurance behemoth LIC will list on the Indian bourses today and is expected to make a modest debut, amid a highly volatile domestic market, rising inflation, interest rates and geopolitical tensions, among other factors. Market experts expect a tepid listing for the insurance major, factoring in several external pressures.

Major indices on Wall Street ended on a weak note on Monday, following hugely disappointing Chinese economic data for April, adding to concerns of an economic slowdown and interest rate hikes. Rising Cobid-19 restrictions in China led to a pause in consumption and industrial production, among others. 

However, energy stocks gained on hopes of significant demand recovery in China, witnessing positive signs of receding Covid-19 in pandemic-hit areas.

Nasdaq Composite declined 1.2%, S&P 500 fell 0.39% and Dow Jones climbed 0.08%.

Stocks across Asian markets climbed higher on Tuesday, despite a weak closing on Wall Street and data reinforcing a probable economic slowdown and high inflationary pressures.

At 8:18 am, South Korea’s KOSPI gained 0.64%, Japan’s Nikkei 225 climbed 0.2%, China's Shanghai Composite traded flat, Hong Kong’s Hang Seng index jumped 2.1%, and Australia's ASX 200 gained 0.3%.

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