Market may open on firm note

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 94 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday after U.S. Federal Reserve Chairman Jerome Powell struck a more dovish tone than some investors expected in long-awaited speech on Friday.

In other Chinese tech developments, Beijing is reportedly looking at new rules that would restrict domestic internet firms from going public in the U.S..

U.S. stocks indexes closed higher Friday, with the S&P 500 and Nasdaq Composite indexes finishing at fresh peaks, following Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole central bankers' symposium.

U.S. Federal Reserve (Fed) Chair Jerome Powel said Friday during the Federal Reserve Bank of Kansas City's annual Jackson Hole economic symposium that the Fed could start tapering asset purchases this year as the central bank is carefully assessing the risks from the Delta variant.

The Fed chief also cautioned that a move to start tapering asset purchases should not be interpreted as a sign that rate hikes would soon follow.

Fed Chair Powell said the U.S. central bank will be carefully assessing incoming data and the evolving risks, perhaps offering himself more wiggle room before its September 21-22 meeting to digest further evidence of the health of the economy, including a coming jobs reports for August.

Domestic markets:

Back home, the domestic equity barometers ended near the day's high on Friday. The barometer index, the S&P BSE Sensex, advanced 175.62 points or 0.31% to 56,124.72. The Nifty 50 index added 68.30 points or 0.41% to 16,705.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 778.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,646.19 crore in the Indian equity market on 27 August, provisional data showed.

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