Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly higher on Tuesday following overnight gains on Wall Street that saw the major indexes rallying to record closing highs.

In US, Wall Street reached all-time closing highs on Monday as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, driven by increased stimulus and an accelerated vaccine rollout.

Biden has set a goal to administer at least 100 million Covid vaccine doses during his first 100 days in office, but he warned it will be very difficult to achieve herd immunity in the U.S. by the end of summer.

Domestic markets:

Back home, domestic equity benchmarks ended the session with strong gains on Monday. IT, auto and metal shares rallied while PSU banks and FMCG shares declined. The barometer index, the S&P BSE Sensex, spurted 617.14 points or 1.22% to 51,348.77. The Nifty 50 index climbed 191.55 points or 1.28% to 15,115.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,876.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 504.86 crore in the Indian equity market on 8 February, provisional data showed.

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