Indices poised for strong start

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 78 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday, as investors reacted to data releases in Australia and China.

A private survey released Thursday showed slowing Chinese services activity growth in May. The Caixin/Markit services Purchasing Managers' Index for May came in at 55.1 on Thursday, lower than the reading of 56.3 in April. Still, that was well above the 50 level that separates expansion from contraction.

US stocks rose slightly on Wednesday with the S&P 500 hovering near an all-time high.

Philadelphia Fed President Patrick Harker said it's appropriate to slowly, carefully move back on bond purchases at the appropriate time.

Investors are also digesting President Joe Biden's plans to amend a U.S. ban on investments in companies linked to China's military, and looking ahead to Friday's U.S. jobs report for the latest insight into the rebound from the pandemic and inflation risks.

Domestic markets:

Back home, the key equity indices ended with minor cuts on Wednesday. The barometer index, the S&P BSE Sensex, declined 85.40 points or 0.16% to 51,849.48. The Nifty 50 index gained 1.35 points or 0.01% at 15,576.20.

Foreign portfolio investors (FPIs) bought shares worth Rs 921.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 241.76 crore in the Indian equity market on 2 June, provisional data showed.

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