Indices headed for firm start

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 56 points at the opening bell.

Global markets:

Overseas, Asian stocks rose on Thursday after stocks on Wall Street sailed to record highs as U.S. President Joe Biden was sworn into office.

In US, the stock market rallied to a record close as President Joe Biden was sworn into office, sparking hopes for another stimulus package and smoother vaccine rollout ahead.

The Dow Jones Industrial Average jumped 257.86 points, or 0.8%, to a new closing high of 31,188.38. The S&P 500 advanced 1.4% to a record close of 3,851.85, led by the communication services sector. The tech-heavy Nasdaq Composite jumped nearly 2% to 13,457.25, notching a fresh record. All three averages also touched their intraday highs during the session.

Netflix soared after the company reported strong subscriber growth and said it's considering share buybacks. The company also said it expects to break even on a cash flow basis this year.

Biden was inaugurated to succeed President Donald Trump as the 46th president of the United States. Janet Yellen, Biden's designated nominee for Treasury Secretary, on Tuesday endorsed higher aid spending and urged lawmakers to act big.

Domestic markets:

Back home, the benchmark indices advanced for the second trading session on Wednesday, tracking positive global cues. The S&P BSE Sensex, surged 393.83 points or 0.80% at 49,792.12. The Nifty 50 index soared 123.55 points or 0.85% at 14,644.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,289.05 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 864.62 crore in the Indian equity market on 20 January, provisional data showed.

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