SGX Nifty indicates positive start for Indian indices

• Follow

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 81 points at the opening bell.

Global markets: Overseas, Asian stocks are trading higher Wednesday as investors returned to risky assets, confident that a massive U.S. stimulus package will soon be approved. The session in Asia-Pacific follows an overnight session on Wall Street where bond yields declined and tech stocks staged a comeback.

U.S. stocks rose on Tuesday after a decline in bond yields caused investors to rotate back into the beaten-up technology sector. The 10-year Treasury yield fell more than 5 basis points to 1.54%. The benchmark rate traded as high as 1.62% on Monday.

Democrats in the U.S. House of Representatives are aiming to pass the $1.9 trillion coronavirus relief bill on Wednesday so that Biden can sign it by the weekend. The legislation extends a $300 per week jobless benefit boost and programs expanding unemployment aid to millions more Americans through September 6.

The OECD sharply raised its 2021 global growth forecast on Tuesday as the deployment of vaccines and a huge US stimulus programme have greatly improved economic prospects. The Paris-based Organisation for Economic Co-operation and Development says it now expects the global economy to grow by 5.6%, an increase of 1.4% points from its December forecast.

Global economic prospects have improved markedly in recent months, helped by the gradual deployment of effective vaccines, announcements of additional fiscal support in some countries, and signs that economies are coping better with measures to suppress the virus, it said in a report.

Domestic markets:

Back home, key equity benchmarks surged to end near the day’s high on Tuesday, led by firmness in private banks and financial shares. Metals and pharma shares corrected. The barometer index, the S&P BSE Sensex, rose 584.41 points or 1.16% to 51,025.48. The Nifty 50 index added 142.20 points or 0.95% at 15,098.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,801.87 crore, while domestic institutional investors (DIIs), were also net buyers to the tune of Rs 1,250.22 crore in the Indian equity market on 9 March, provisional data showed.

Powered by Capital Market – Live News