SGX Nifty indicates positive opening for domestic market

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SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 111 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday following an overnight jump on Wall Street. The Japanese government is set to extend the state of emergency covering Tokyo and other regions till March 7 in order to contain the coronavirus, as per media reports.

US stocks jumped on Monday, the first session of February, as Wall Street appeared to shake off concerns about a speculative retail trading mania that largely drove the market’s worst weekly sell-off since October.

Meanwhile, a group of 10 Republican senators sent President Joe Biden a letter on Sunday, urging him to consider a smaller, scaled-down Covid-19 relief proposal. His current plan calls for $1.9 trillion in additional fiscal stimulus.

The Republican proposal would reduce the size of a new round of checks Biden wants to send to Americans, from $1,400 per individual to $1,000. It would also make the income limits that determine eligibility for the stimulus payments far stricter. For individual filers the checks would start to phase out for those making more than $40,000.

The alternative proposal comes after House Speaker Nancy Pelosi said the chamber will move to pass a budget resolution, the first step toward approving legislation through reconciliation. The process would enable Senate Democrats to approve an aid measure without GOP votes.

In economic data, US manufacturing activity slowed slightly in January. The Institute for Supply Management (ISM) said on Monday its index of national factory activity fell to a reading of 58.7 last month from 60.5 in December.

Domestic markets:

Back home, domestic shares ended with robust gains on Monday as investors cheered Union Budget proposals. The S&P BSE Sensex, jumped 2,314.84 points or 5% to 48,600.61. The Nifty 50 index surged 646.60 points or 4.74% to 14,281.20.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,494.23 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 90.46 crore in the Indian equity market on 1 February, provisional data showed.

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