Market may open higher

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 38 points at the opening bell.

Overseas, Asian stocks are trading mostly higher Monday as investors continue to watch for developments on issues such as the coronavirus pandemic.

On the economic data front, China's industrial profits for June soared 11.5% year-on-year, according to the country's National Bureau of Statistics.

The Bank of Japan's Summary of Opinions for its mid-July meeting, released Monday, said the country's economy is expected to pick up moderately from the second half of 2020. The central bank warned, however, that the economy is unlikely to return to the level reached before the outbreak of COVID-19″ even in fiscal 2022.

In US, Wall Street retreated on Friday as shares of major tech companies struggled and U.S.-China tensions rose.

Investor attention was likely be on lawmakers stateside as they attempt to push forward on another coronavirus stimulus package. U.S. Treasury Secretary Steven Mnuchin reportedly said Sunday that Republicans have finalized a bill worth about $1 trillion in coronavirus relief funds.

On the economic front, the IHS Markit flash manufacturing PMI rose to 51.3 in July from 49.8 in the prior month, while the flash service PMI rose to 49.6 in the month from 47.9 in the prior month.

Back home, key domestic barometers ended near the flat line on Friday. A rally in index heavyweight Reliance Industries negated weakness in HDFC twins and ICICI bank. The barometer index, the S&P BSE Sensex dropped 11.57 points or 0.03% at 38,128.90. The Nifty 50 index lost 21.30 points or 0.19% at 11,194.15.

Foreign portfolio investors (FPIs) bought shares worth Rs 409.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,002.98 crore in the Indian equity market on 24 July, provisional data showed.

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