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Market may open on flat note

·2-min read

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 9 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday after tech-fueled Wall Street gains.

Japan's factory activity extended declines in September largely due to a sharper fall in output. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) was largely unchanged at 47.3 in September compared with a final 47.2 in the previous month.

In US, Wall Street stocks rebounded on Tuesday, led by a jump in Amazon.com, even as a likely delay in new fiscal stimulus by Congress and an increase in the number of coronavirus cases dampened hopes of a faster economic recovery.

Fed Chair Jerome Powell on Tuesday told a congressional panel that the economy had shown “marked improvement” since the pandemic drove it into recession, but the path ahead remains uncertain and the U.S. central bank will do more if needed.

Chicago Fed President Charles Evans also warned that the economy risks a longer, slower recovery, if not another outright recession, if Congress fails to pass more stimulus.

Developments surrounding the coronavirus pandemic could also weigh on investor sentiment, with U.K. Prime Minister Boris Johnson on Tuesday reversing the lifting of some lockdown measures in England. That came following a surge in coronavirus cases in the country.

Domestic markets:

Back home, the benchmark indices extended losses for the fourth session on Tuesday. Investors sentiment was dented as rising coronavirus cases led to the possibility of fresh lockdowns in some European countries, which could further slowdown the pace of global economic recovery. The barometer index, the S&P BSE Sensex, tumbled 300.06 points or 0.79% at 37,734.08. The Nifty 50 index lost 96.90 points or 0.86% at 11,153.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,072.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 878.91 crore in the Indian equity market on 22 September, provisional data showed.



Source: Capitalmarket.com