Market likely to open on flat note

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could see flat start at the opening bell.

On the macro front, India's exports grew by 6.16% to $27.45 billion in January, according to data by the commerce ministry. Imports too grew by 2% to about $42 billion, leaving a trade deficit of $14.54 billion during the month under review, the data showed.

Global markets:

Overseas, Asian stocks rose on Tuesday as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.

The mainland Chinese markets will remain closed for Lunar New Year through Wednesday. The U.S. stock market was closed on Monday for Presidents Day.

On the coronavirus front, the World Health Organization gave emergency use approval to AstraZeneca's Covid-19 vaccines on Monday, allowing distribution to some of the world's poorest countries to begin.

Domestic markets:

Back home, domestic benchmark indices ended with strong gains on Monday, boosted by strength in banks and financial shares. Positive domestic economic data and firm global cues supported buying. The barometer index, the S&P BSE Sensex, surged 609.83 points or 1.18% at 52,154.13. The Nifty 50 index rallied 151.40 points or 1% at 15,314.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,234.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,048.55 crore in the Indian equity market on 15 February, provisional data showed.

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