Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 42 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday following their U.S. peers higher as investors assessed the ability of the economy to sustain less stimulus and rising virus outbreaks.

Singapore's trade and industry ministry said Wednesday that the economy grew 14.7% in the second quarter compared to a year ago, better than official advance estimates of a 14.3% expansion. The country also expects its economy to grow between 6% and 7% in 2021, an upgrade from past projections of 4% to 6%.

In US, the blue-chip Dow and the benchmark S&P 500 rose to record highs on Tuesday, buoyed by gains in economically sensitive value stocks after the Senate passed a $1 trillion bipartisan infrastructure package.

The US Senate on Tuesday passed a $1 trillion infrastructure package that is a top priority for US President Joe Biden, a bipartisan victory for the White House that could provide the nation's biggest investment in decades in roads, bridges, airports and waterways.

The vote was 69-30 in the 100-seat chamber, with 19 Republicans voting yes. Immediately after that vote concluded, Senators began voting on a follow-up $3.5 trillion spending package that Democrats plan to pass without Republican votes.

Investors now await the consumer price index and producer price index data, both of which measure inflation and are scheduled to come out Wednesday and Thursday, respectively.

Domestic markets:

Back home, the domestic equity barometers ended the volatile session with small gains on Tuesday. The barometer index, the S&P BSE Sensex, added 151.81 points or 0.28% to 54,554.66. The Nifty 50 index advanced 21.85 points or 0.13% to 16,280.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 178.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 689 crore in the Indian equity market on 10 August, provisional data showed.

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