Market may open lower

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 45 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday as worries about a surge in coronavirus cases and dwindling hopes for a U.S. stimulus package kept investors gloomy.

In US, the Dow Jones Industrial Average and S&P 500 fell on Tuesday as concerns about the rising number of coronavirus cases dented investor sentiment once again. The Nasdaq Composite bucked the negative trend as tech shares gained broadly.

Senate Majority Leader Mitch McConnell adjourned the Senate until November 9, further diminishing the prospects of a deal being reached before the election.

US consumer confidence dipped slightly in October as a new wave of coronavirus cases appeared across the country. The Conference Board reported Tuesday that its consumer confidence index fell to a reading of 100.9, from 101.8 in September, but still remains well below pre-pandemic levels. This month's moderate decline follows a sharp rise in September.

Domestic markets:

Back home, key barometers ended with strong gains on Tuesday, supported by private banks and financial stocks. The barometer index, the S&P BSE Sensex gained 376.60 points or 0.94% at 40,522.10. The Nifty 50 index surged 121.65 points or 1.03% at 11,889.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,514.89 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,570.80 crore in the Indian equity market on 27 October, provisional data showed.

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