Market may open higher on positive global cues

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

Overseas, Asian shares were trading higher amid signs of progress in US-China trade talks.

Manufacturing activity in China expanded unexpectedly in March at its fastest pace in eight months, a private survey showed. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) came in at 50.8 for March. A reading below 50 signals contraction, while a reading above that level indicates expansion.

US stocks rose on Friday, 29 March 2019, as optimism over progress on US-China trade talks appeared to overshadow concerns about a slowing economic expansion.

On the US-China trade front, high-level trade negotiations between the two economic powerhouses are set to resume in Washington this week following last week's talks in Beijing.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 86.21 crore on 29 March 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,724.39 crore on 29 March 2019, as per provisional data.

Domestic stocks ended with modest gains on Friday, 29 March 2019, on steady buying demand in index pivotals. The barometer index, the S&P BSE Sensex, rose 127.19 points or 0.33% at 38,672.91. The Nifty 50 index rose 53.90 points or 0.47% at 11,623.90.

India's fiscal deficit touched 134.2% of the full-year revised budgeted estimate at the end of February 2019, data showed Friday. In absolute terms, the fiscal deficit for April-February 2018-19 was Rs 8.51 lakh crore as against the revised estimate (RE) of Rs 6.34 trillion for the entire year, according to Controller General of Accounts (CGA) data.

The data revealed that revenue receipts of the central government was Rs 12.65 lakh crore or 73.2% of the revised budgetary estimate (BE) at February end. In the same period last fiscal, the revenue collection was 78.2% of the estimates. The government's tax revenue stood at Rs 10.94 lakh crore and non-tax revenue was Rs 1.71 lakh crore. Total expenditure incurred by the government during April-February 2018-19 was Rs 21.88 lakh crore (89.08% of RE).

Further, India's current account deficit (CAD) at $16.9 billion (2.5% of GDP) in Q3 of 2018-19 increased from $13.7 billion (2.1% of GDP) in Q3 of 2017-18, but moderated from $19.1 billion (2.9% of GDP) in the preceding quarter. The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit at $49.5 billion as compared with $44.0 billion a year ago, the Reserve Bank of India said on Friday.

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