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Trends on SGX Nifty indicate a gap-up opening for indices

09:06 AM Jul 22, 2021 | FPJ Web Desk

Trends on SGX Nifty indicate a gap-up opening for the index with a 145 points gains. The Nifty futures were trading at 15,759 on the Singaporean Exchange.

Gaurav Udani, CEO & Founder, ThincRedBlu securities., said, "After falling over 300 points in the last two trading sessions, Nifty is expected to open with a gap-up of about 120 points at 15750, traders are advised not to initiate longs at the opening, let the markets settle and the enter longs if markets show further strength. 15750 and 15830 will act as key resistance levels while 15580 will act as strong support."

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Indian markets could open higher, in line with gains made by the Asian and US markets over the past two days, said Deepak Jasani, Head of Retail Research, HDFC Securities.

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Asian markets trade higher

Shares in Asia-Pacific were higher in Thursday morning trade with markets in Japan closed for a holiday. Hong Kong's Hang Seng index was amongst the biggest gainers regionally, rising 1.19 percent in early trade. The Taiex in Taiwan also gained 1.01 percent.

Wall Street stock posted their second straight daily gain on Wednesday with robust corporate earnings and renewed optimism about the US economic recovery fueling a risk-on rally.

The Dow Jones Industrial Average rose 286.01 points or 0.83 percent to 34,798, the S&P 500 gained 35.63 points or 0.82 percent to 4,358.69 and the Nasdaq Composite added 133.08 points or 0.92 percent to 14,631.95.

ADB downgrades India's economic growth

The Asian Development Bank (ADB) has downgraded India's economic growth forecast for the current financial year to 10 percent on Tuesday, from 11 percent projected earlier this year, mainly on account of the adverse impact of the coronavirus pandemic.

Glenmark Life Sciences IPO

Glenmark Life Sciences, the subsidiary of major Glenmark Pharmaceuticals, will open its initial public offering for subscription on July 27. This is the 29th public offering to hit Dalal Street in the current year 2021. The price band for the offer, which will close on July 29, has been fixed at Rs 695-720 per equity share, as per reports. The IPO comprises a fresh issue of Rs 1,060 crore, and an offer for sale of 63 lakh equity shares by promoter Glenmark Pharmaceuticals. The fund raising comes to Rs 1,513.6 crore at a higher price band.

The company will utilise fresh issue proceeds for payment of outstanding purchase consideration to the promoter for the spin-off of the API business.

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