Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 91 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday on optimism over President Joe Biden's $1.9 trillion Covid-19 relief plan and the global recovery.

US stocks recovered from earlier losses on Friday as investors took stock of a report that showed faster-than-expected U.S. jobs growth but which had previously stoked inflation concerns.

The U.S. Senate passed a $1.9 trillion coronavirus relief package over the weekend that includes direct payments of up to $1,400 to most Americans. The bill is expected to pass in the Democratic-held House this week and sent to President Joe Biden for his signature before a March 14 deadline to renew unemployment aid programs.

Domestic markets:

Back home, domestic equity benchmarks declined for second trading session on Friday. Resurgent worries about rising US bond yields hit global stocks. Firm crude oil prices also spooked investors. The S&P BSE Sensex, tumbled 440.76 points or 0.87% at 50,405.32. The Nifty 50 index slumped 142.65 points or 0.95% at 14,938.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,014.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,191.19 crore in the Indian equity market on 5 March, provisional data showed.

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