Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 43 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading higher on Wednesday as investors continue to assess the impact of the omicron Covid variant.

US stocks rebounded sharply on Tuesday following three days of losses amid fears about the fast-spreading Covid omicron variant. Reopening plays, like airlines, cruise lines and entertainment stocks, saw some relief buying on Tuesday.

President Joe Biden said in a Tuesday address that people with booster shots are highly protected, urging Americans to get their extra doses. The president reiterated that the U.S. is not going back to March 2020 at the height of the initial outbreak where the country went into a forced lockdown.

Domestic markets:

Back home, the benchmark equity indices ended with strong gains on Tuesday on bargain hunting after a recent steep fall. The barometer index, the S&P BSE Sensex, rose 497 points or 0.89% at 56,319.01. The Nifty 50 index gained 156.65 points or 0.94% at 16,770.85.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,209.82 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,404.89 crore in the Indian equity market on 21 December, provisional data showed.

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