Sensex, Nifty may open with a gap up
Asian stocks are trading higher on Monday as investors look ahead to Chinese economic data releases due out later today.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 92 points at the opening bell. On the macro front, India’s retail inflation rose marginally to 4.48% in the month of October from 4.35% in September, data released by the government showed on Friday. Meanwhile, industrial production for the month of September grew by 3.1% as compared to 1% in the same month last year, according to the data released by the ministry of statistics and programme implementation (MoSPI). IIP surged 11.9% in the month of August.
Global markets
Overseas, Asian stocks are trading higher on Monday as investors look ahead to Chinese economic data releases due out later today. China is set to release a slew of economic data, including industrial production and retail sales for October later today.
The Japanese economy contracted at an annualised rate of 3% in July-September from the previous quarter, government data showed on Monday, posting the first decline in two quarters as resurgent coronavirus infections hurt consumer spending.
Wall Street stocks closed higher on Friday, with market-leading growth shares kick-starting indexes’ climb as investors looked past disappointing U.S. economic data.
Domestic markets
Back home, domestic equity benchmarks ended with robust gains on Friday, snapping a three-day losing streak. The barometer index, the S&P BSE Sensex, rallied 767 points or 1.28% to 60686.69. The Nifty 50 index added 229.15 points or 1.28% to 18,102.75.
Foreign portfolio investors (FPIs) bought shares worth Rs 511.10 crore, while domestic institutional investors (DIIs), were also net buyers to the tune of Rs 851.41 crore in the Indian equity market on 12 November, provisional data showed.