Indices may open on positive note

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 35 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday as oil prices fell sharply.

China's factory activity likely shrank in March, as the country imposed more mass testing and activity controls amid its worst resurgence of COVID-19 cases since early 2020. The country's official manufacturing Purchasing Managers' Index for March came in at 49.5, lower than February's reading of 50.2.

Oil futures dived more than $5 a barrel on Thursday after reports indicated that the Biden administration is weighing releasing some 1 million barrels of oil per day from strategic reserves for several months in a bid to calm soaring crude prices.

U.S. stocks fell on Wednesday on waning signs of progress for peace talks between Ukraine and Russia against a backdrop of a hawkish Federal Reserve curbing economic growth.

Domestic markets:

Back home, the benchmark indices surged on Wednesday, rallying for the third trading session. Positive cues from other Asian stock markets boosted sentiment. The barometer index, the S&P BSE Sensex rose 740.34 points or 1.28% at 58,683.99. The Nifty 50 index gained 172.95 points or 1% at 17,498.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,357.47 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,216 crore in the Indian equity market on 30 March, provisional data showed.

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