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Market poised for positive opening

October 08 2020

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 16 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mostly higher on Thursday following an overnight surge on Wall Street. Investors likely continued watching for developments on U.S. stimulus support, after President Donald Trump tweeted support for aid to airlines and other stimulus measures.

In US, stocks rose sharply on Wednesday after President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hope that a smaller aid package could be passed by lawmakers. Meanwhile, on the virus treatment front, Eli Lilly said it's seeking clearance from the U.S. Food and Drug Administration for emergency authorization of its Covid-19 antibody treatment.

In a series of tweets Tuesday night, Trump urged Congress to approve airline payroll support, saying that money and aid for small business could be paid for with unused funds from the previous stimulus. Trump also pushed for another round of $1,200 stimulus checks for Americans.

The Federal Reserve could ramp up its bond purchasing program to push down further on borrowing costs, but for now the U.S. economy's most pressing need is for a new round of government spending, U.S. central bankers said on Wednesday.

Many members of the Federal Open Market Committee said their economic outlook assumed additional fiscal support, according to U.S. Federal Reserve minutes released on Wednesday. Central bank officials believe if aid packages are too small or too late, the economy is in for a weak recovery.

Domestic markets:

Back home, the benchmark indices advanced for the fifth trading session on Wednesday, led by index major Reliance Industries. Positive Asian cues and decent Q2 business update from domestic companies also supported buying. Auto and IT shares were in demand while metal and pharma shares witnessed selling. The barometer index, the S&P BSE Sensex, jumped 304.38 points or 0.77% at 39,878.95. The Nifty 50 index rallied 76.45 points or 0.66% at 11,738.85.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,093.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,129.49 crore in the Indian equity market on 7 October, provisional data showed.

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