Indices may open on firm note

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 61 points at the opening bell.

Market regulator Sebi on Monday extended relaxation in procedural requirements for listed entities with respect to open and buyback offers till December 31 amid coronavirus pandemic. The regulator, in May, had granted one-time relaxations from strict enforcement of SAST (Substantial Acquisition of Shares and Takeovers) Regulations and norms for buyback of securities through open and buyback tender offers opening till July 31.

Overseas, Asian stocks were higher in Tuesday as investors continued to monitor developments on the coronavirus front.

In US, major stock indexes finished higher Monday, as investors watched lawmakers haggle over a coronavirus rescue program and braced for the busiest week of earnings season. Gains across the major tech names lifted the broader market as traders braced for the busiest week of the earnings season.

Amazon gained 1.54% after several analysts hiked their 12-month price targets on the e-commerce giants. Apple also rose 2.37% and was among the best-performing Dow stocks. Facebook, Netflix, Alphabet and Microsoft ended the day higher as well.

The Federal Reserve's two-day policy meeting kicks off on Tuesday. Investors generally don't expect the central bank to make any major announcements, but are looking for Chairman Jerome Powell to maintain a dovish tone.

Earnings season continues apace this week, including results from a host of tech heavyweights. Google parent Alphabet Inc., Amazon.com, Apple Inc., and Facebook Inc. are due to report Wednesday and Thursday.

U.S. Senate Majority Leader Mitch McConnell on Monday unveiled the Republican coronavirus relief plan, which would include relief for jobless Americans, among other provisions.

U.S. drugmaker Pfizer and German biotech firm BioNTech said they began their late-stage human trial for a potential coronavirus vaccine on Monday. That announcement by the firms came the same day biotech firm Moderna, also developing a leading vaccine candidate, said it began its late-stage coronavirus vaccine trial.

Back home, key benchmarks ended lower on Monday amid mixed global cues. The barometer index, the S&P BSE Sensex dropped 194.17 points or 0.51% at 37,934.73. The Nifty 50 index fell 62.35 points or 0.56% at 11,131.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 453.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 977.88 crore in the Indian equity market on 27 July, provisional data showed.

Powered by Capital Market - Live News