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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 24 points at the opening bell.

Overseas, Asian stocks are trading mixed as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery. Coronavirus cases are on the rise in the Australian state of Victoria, which led to lockdown measures being reimposed in Melbourne, the country's second-biggest city.

In US, stocks fell on Tuesday as new US coronavirus cases rose further. Large parts of the United States reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida's greater Miami area rolled back its reopening.

Walmart Inc gained 6.8% after a report that the retailer is close to launching its membership program, a direct competitor for Amazon.com's Prime service. Amazon shares slipped 1.3%.

Novavax Inc jumped 31.6% as the U.S. government awarded $1.6 billion to the drugmaker to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the country.

Back home, the market extended its winning run for the fifth consecutive session on Tuesday. The barometer S&P BSE Sensex gained 187.24 points or 0.51% at 36,674.52. The Nifty 50 index added 36 points or 0.33% at 10,799.65.

Foreign portfolio investors (FPIs) bought shares worth Rs 829.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 784.47 crore in the Indian equity market on 7 July 2020, provisional data showed.

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