Market may open on flat note

Trends on SGX Nifty indicate a flat-to-positive opening for the Indian stocks.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 10 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday after Merck announced its new Covid oral antiviral treatment that cuts the risk of hospitalization or death. Markets in China are closed for most of this week for a holiday and are set to reopen on Friday. South Korean markets are also closed on Monday for a holiday.

Trading in the Hong Kong-listed shares of China Evergrande was halted on Monday as investors continue to monitor the situation surrounding the indebted developer. The property giant has missed two bond interest payments in the past weeks.

Merck and Ridgeback Biotherapeutics announced Friday they've developed a drug which reduces the risk of hospitalization or death by around 50% in Covid patients. If authorized by regulatory bodies, the drug could be the first oral antiviral medicine for Covid. The companies plan to seek emergency authorization for the antiviral Covid treatment after the medicine showed compelling results in clinical trials.

Wall Street stocks surged to a higher close on Friday boosted by positive economic data, progress in the battle against COVID, and Washington developments on the potential passage of an infrastructure bill.

Domestic markets:

Back home, benchmark indices ended with steep losses on Friday, declining for the fourth session in a row. The S&P BSE Sensex, declined 360.78 points, or 0.61% to 58,765.58. The Nifty 50 index fell 86.10 points or 0.49% to 17,532.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 131.39 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 613.08 crore in the Indian equity market on 1 October, provisional data showed.

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