SGX Nifty indicates a positive start for the Indian equity markets

Domestic equity markets are likely to open higher on Monday tracking firm global cues. SGX Nifty, an early indicator of the Nifty50 index performance, also indicates a positive start for the index in India. The Nifty futures were trading nearly 82 points or 0.54% higher at the 15239 at around 8.30 am (IST).

Global markets:

Overseas, Asian stocks are trading higher on Monday, with multiple markets in North Asia closed for Lunar New Year holidays. Markets in China, Hong Kong, Taiwan as well as the U.S. are closed on Monday for holidays.

Government data released Monday showed Japan’s economy growing 12.7% on an annualized basis between October and December last year.

In US, all three major stock indexes closed at record highs Friday, as investors eyed the prospect of more financial aid from Washington to boost the economic recovery, while coronavirus cases are falling and vaccine distribution ramps up.

Stocks inched higher helped by optimism about another large fiscal stimulus package from Congress, as the coronavirus vaccination rollout picks up steam, and as quarterly corporate earnings reports impressed analysts.

Domestic markets:

Back home, domestic equity benchmarks ended near the flat line after a volatile day on Friday. The barometer index, the S&P BSE Sensex, rose 12.78 points or 0.02% to 51,544.30. The Nifty 50 index lost 10 points or 0.07% to 15,163.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 37.33 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 597.62 crore in the Indian equity market on 12 February, provisional data showed.