Market may open higher

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 72 points at the opening bell.

Prime Minister Narendra Modi will address the nation at 4 pm today, 30 June 2020. This would be the prime minister's sixth address to the nation since the outbreak of the pandemic.

The Union government on Monday night issued guidelines for the month-long 'Unlock 2' -- the phased re-opening of activities that were barred to contain the coronavirus spread in the country. Under the Unlock 2 guidelines, Social/ political/ sports/ entertainment/ academic/ cultural/ religious functions and other large congregations remain prohibited. Metro Rail services shall remain shut and cinema halls, gymnasiums, swimming pools, entertainment parks, theatres, bars, auditoriums, assembly halls and similar places will also not be allowed to open. All activities apart from those prohibited will be allowed outside containment zones.

Lockdown will remain in force in COVID-19 containment zones till July 31 and district authorities to demarcate zones, according to the guidelines. Night curfew will remain in force between 10 pm and 5 am throughout country, except for essential activities. Unlock 1 ends on June 30 and Unlock 2 will be in force from 1 to 31 July.

Overseas, Asian stocks are trading higher on Tuesday as the sentiment was boosted from upbeat US data.

China's factory activity expanded at a faster pace in June as the economy continues to recover after the government lifted strict lockdowns and ramped up investment. The official manufacturing Purchasing Manager's Index (PMI) rose to a three-month high of 50.9 in June from 50.6 in May, above the 50-point mark that separates growth from contraction on a monthly basis.

Japan's industrial output fell for a fourth straight month in May, highlighting the widespread impact of the coronavirus on factory and overall business and consumer activity. Ministry of Economy, Trade and Industry data out on Tuesday showed that factory output fell 8.4% month-on-month in May to 79.1. The slump followed a 9.8% decline in the previous month.

In US, Wall Street stocks closed higher on Monday as investors hoped for a stimulus-backed economic rebound.

A dozen states, including Florida, Texas, California and Arizona now hot spots in the U.S. reversed reopening plans and implemented tighter restrictions to prevent a further spread of the viral epidemic, as per reports.

Data showed that pending home sales in May spiked 44.3% compared with April, according to the National Association of Realtors. Sales were still 5.1% lower compared against the same time last year.

Back home, domestic shares ended with modest losses on Monday on the back of mixed global cues amid rising coronavirus cases. Weakness in banks and IT shares put pressure on bourses. The barometer S&P BSE Sensex declined 209.75 points or 0.6% at 34,961.52. The Nifty 50 index fell 70.60 points or 0.68% at 10,312.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,937.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,036.13 crore in the Indian equity market on 29 June, provisional data showed.

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