Indices may open on firm note

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 46 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday as investors reacted to the Reserve Bank of New Zealand's interest rate decision.

The Reserve Bank of New Zealand announced Wednesday that it would keep its monetary settings unchanged, leaving the official cash rate at 0.25%. In a release, the New Zealand central bank said the decision was made in the context of the government's imposition of a nationwide lockdown. New Zealand Prime Minister Jacinda Ardern announced the lockdown on Wednesday following the discovery of a Covid case in Auckland.

Japan's government on Tuesday decided to extend the Covid-19 state of emergency in Tokyo and other areas to September 12, as per reports.

U.S. stock indexes fell Tuesday as July retail sales declined and concerns about slowing global economic growth intensified.

Spending at U.S. retailers fell sharply in July, amid cooling purchases of goods and signs of some pullback in consumer demand as U.S. Covid-19 cases tied to the Delta variant rose. Retail sales declined 1.1% in July, a reversal from June's 0.7% increase, the Commerce Department reported Tuesday.

Domestic markets:

Back home, the main indices extended record closing spree on Tuesday, led by firmness in IT and FMCG shares. The barometer index, the S&P BSE Sensex, rose 209.69 points or 0.38% at 55,792.27. The Nifty 50 index gained 51.55 points or 0.31% to 16,614.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 343.73 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 266.43 crore in the Indian equity market on 17 August, provisional data showed.

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