Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 30 points at the opening bell.

Global markets:

Overseas, Asian stocks drifted higher Friday, taking cues from Wall Street where U.S. stocks climbed to record highs overnight.

U.S. stocks climbed to record highs Thursday as the comeback in tech shares resumed, while the signing of additional fiscal stimulus gave sentiment a further boost.

President Joe Biden signed a $1.9 trillion coronavirus relief package into law Thursday afternoon. The plan will send direct payments of up to $1,400 to most Americans, and will also put nearly $20 billion into Covid-19 vaccinations and $350 billion into state, local and tribal relief. The White House said Thursday that stimulus checks could start hitting bank accounts this weekend.

On the data front, investors cheered a slightly better-than-expected reading on weekly jobless claims. The Labor Department reported that first-time filings for unemployment insurance in the week ended March 6 totaled a seasonally adjusted 712,000. The Labor Department said Thursday that applications for unemployment aid dropped by 42,000 from 754,000 the week before.

Elsewhere, Euro zone bond yields fell after the European Central Bank said it was ready to accelerate money-printing to keep a lid on borrowing costs, using its 1.85 trillion euro Pandemic Emergency Purchase Program (PEPP) more generously over the coming months to stop any unwarranted rise in debt financing costs. Bond yields in the euro zone have been ticking higher since February, in line with the yield on U.S. Treasury notes.

Domestic markets:

Back home, the domestic equity benchmarks ended with decent gains on Wednesday amid positive global cues. The barometer index, the S&P BSE Sensex, added 254.03 points or 0.50% to 51,279.51. The Nifty 50 index gained 76.40 points or 0.51% at 15,174.80.

Indian stock markets were shut on 11 March 2021 on account of Mahashivratri.

Foreign portfolio investors (FPIs) sold shares worth Rs 15.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 447.67 crore in the Indian equity market on 10 March, provisional data showed.

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