SGX Nifty indicates positive start for domestic equity indices

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SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 98 points at the opening bell.

Global markets: Overseas, Asian stocks are trading higher on Thursday as US President Joe Biden announced a multi-trillion-dollar infrastructure investment plan.

A private survey released Thursday showed slowing growth of Chinese factory activity in March. The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) for March came in at 50.6, compared to February’s reading of 50.9.

Japan’s factory activity expanded at a faster pace in March. The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) rose to a seasonally adjusted 52.7 in March from the previous month’s 51.4 reading.

In US, the S&P 500 and Nasdaq rose on Wednesday, boosted by gains in technology shares as investors positioned themselves for President Joe Biden’s massive infrastructure plan.

U.S. President Joe Biden announced a more than $2 trillion infrastructure package on Wednesday. The plan’s goals include the revitalization of America’s transportation infrastructure as well as manufacturing.

Domestic markets: Back home, the benchmark indices snapped two-day rising streak and ended with steep losses on Wednesday. The barometer index, the S&P BSE Sensex, tumbled 627.43 points or 1.25% at 49,509.15. The Nifty 50 index dropped 154.40 points or 1.04% at 14,690.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,685.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,081.52 crore in the Indian equity market on 31 March, provisional data showed.

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