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Market may open higher

October 06 2020

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 45 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher with an improvement in both U.S. President Donald Trump's health and prospects for a U.S. stimulus package. China's markets remain closed for a holiday.

In US, stocks rose sharply on Monday, after President Donald Trump said he will be discharged from the hospital Monday evening, easing concerns about more political uncertainty ahead of Election Day. Investors also grew more hopeful that lawmakers would reach a compromise on a new stimulus deal.

Investor focus was likely on U.S. President Donald Trump's health, as he left the hospital to return to the White House, where he will continue being treated for the coronavirus following his positive diagnosis last week.

The US services sector, where most Americans work, grew for a fourth straight month in September. The Institute for Supply Management reported Monday that its index of services activity rose to a reading of 57.8 last month, 0.9 percentage point higher than the August reading of 56.9.

Domestic markets:

Back home, key domestic indices ended with stellar gains on Monday, continuing their uptrend for third consecutive session. The barometer index, the S&P BSE Sensex, jumped 276.65 points or 0.71% at 38,973.70. The Nifty 50 index rallied 86.40 points or 0.76% at 11,503.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 236.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 471.56 crore in the Indian equity market on 5 October 2020, provisional data showed.

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