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Market may open higher

·2-min read

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 69 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Friday as a late Wall Street rally supported global sentiment.

In US, stocks rose slightly on Thursday as tech shares recovered some of their recent losses while traders weighed the latest batch of economic data.

Apple and Microsoft shares rose 1% and 1.3%, respectively, to lead tech higher. Alphabet shares gained nearly 1% and Amazon advanced 0.7%. Netflix was up 0.5% and Facebook advanced 0.2%.

Investors will also watch developments on potential U.S. coronavirus stimulus. House Democrats are reportedly preparing a new $2.4 trillion stimulus plan as the party looks to restart negotiations with the White House following talks that fell apart last month.

The number of Americans filing new claims for unemployment benefits unexpectedly increased last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 870,000 for the week ended September 19, compared to 866,000 in the prior week, the Labor Department said on Thursday.

Domestic markets:

Back home, the benchmark indices crashed on Thursday, extending losses to the sixth day amid a global selloff. The trading was volatile due to the F&O expiry. The barometer index, the S&P BSE Sensex, crashed 1,114.82 points or 2.96% to 36,553.60. The Nifty 50 index slumped 326.30 points or 2.93% to 10,805.55. The 50-unit index has fallen 6.89% in six sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,885.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 188.64 crore in the Indian equity market on 24 September, provisional data showed.



Source: Capitalmarket.com