SGX Nifty indicates positive start for Indian indices

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 28 points at the opening bell.

On the political front, Prime Minister Narendra Modi will address election rally in Puducherry today, 30 March 2021 to seek support for the NDA in the union territory.

All eyes will be on outcome of state assembly elections. Polls are to be held for 294 seats in West Bengal, 234 seats in Tamil Nadu, 140 seats in Kerala, 126 seats in Assam and 30 seats in the Union Territory of Puducherry.

The eight-phase election in West Bengal which began from March 27 will continue till April 29. Elections in Kerala will be held in a single phase on April 6. Puducherry will vote in a single phase on April 6. Elections in Tamil Nadu will be held in a single phase on April 6. Assam will vote in three phases on March 27, April 1 and April 6. The counting of votes for all states will be held on May 2 and the results will be declared the same day.

Global markets: Overseas, Asian stocks are trading mixed on Tuesday as investors watched movement in shares of Japanese financial services firm Nomura following their Monday plunge.

Japan’s retail sales declined 1.5% in February from a year earlier, according to a preliminary report released Tuesday by the country’s Ministry of Economy, Trade and Industry.

Wall Street closed lower on Monday after US hedge fund Archegos Capital defaulted on margin calls. The S&P 500 ended just slightly in the red, with bank shares falling amid warnings of potential losses from a hedge fund’s default on margin calls, while optimism over the economy limited the day’s declines.

President Joe Biden’s announcement that 90% of adults will be eligible for the Covid-19 vaccine next month helped U.S. stocks rally from their lows, and the Dow Jones Industrial Average closed at another all-time peak.

Domestic markets: Back home, the domestic equity benchmarks ended with strong gains on Friday, mirroring firm global stocks. The barometer index, the S&P BSE Sensex, was up 568.38 points or 1.17% to 49,008.50. The Nifty 50 index surged 182.40 points or 1.27% to 14,507.30. Stock markets were closed on Monday, 29 March 2021, on account of Holi.

Foreign portfolio investors (FPIs) sold shares worth Rs 50.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,703.14 crore in the Indian equity market on 26 March, provisional data showed.

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