Market may open lower

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 46 points at the opening bell.

Global markets:

Overseas, Asian stocks were mostly higher on Wednesday as investors in Asia-Pacific reacted to the release of China's latest benchmark lending rate. The moves in Chinese stocks came as the one-year prime rate (LPR) and five-year LPR in China were both left unchanged at 3.85% and 4.65%, respectively.

US stocks climbed on Tuesday as investors digested results from the new earnings season as well as signals for another big stimulus and faster pace of vaccine distribution ahead.

Janet Yellen, President-elect Joe Biden's designated nominee for Treasury Secretary and a former chair of the Federal Reserve, appeared before the Senate Finance Committee on Tuesday. Yellen called for the federal government to enact a large stimulus to help the economy.

Biden, set to be inaugurated on Wednesday, unveiled his $1.9 trillion plan for economic relief last week as the country tries to get a handle on the Covid-19 pandemic.

Domestic markets:

Back home, the domestic indices bounced on Tuesday after falling for the past two consecutive sessions. The barometer index, the S&P BSE Sensex, surged 834.02 points or 1.72% to 49,398.29. The Nifty 50 index surged 239.85 points or 1.68% at 14,521.15.

Foreign portfolio investors (FPIs) bought shares worth Rs 257.55 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 199.30 crore in the Indian equity market on 19 January, provisional data showed.

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