Market may open with small gains

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 16 points at the opening bell.

Overseas, most Asian markets remained closed for public holidays. US stocks closed higher Monday, as investors looked ahead to another week of high-profile earnings and developments in US-China trade talks.

US-China trade talks will remain in focus as a March 1 deadline to avoid an increase on tariffs on Chinese imports looms. On the US data front, US factory orders fell by 0.6% in November.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 112.13 crore on 4 February 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 65.22 crore on 4 February 2019, as per provisional data.

Domestic stocks ended volatile trading session with modest gains yesterday, 4 February 2019, supported by firmness in index pivotals Reliance Industries, TCS and HDFC. The barometer index, the S&P BSE Sensex, rose 113.31 points or 0.31% to 36,582.74. The Nifty 50 index rose 18.60 points or 0.17% to 10,912.25.

On the economic front, fiscal deficit for the first nine months of the current fiscal, that is April-December, crossed 112.4% of the Budget Estimate (BE). Fiscal deficit for the first nine months is more than Rs 7.01 lakh crore as against the BE of Rs 6.24 lakh crore.

According to the data released by the Controller General of Accounts (CGA), the revenue receipts of the government totalled Rs 10.84 lakh crore or 62.8% of BE in 2018-2019 till December, compared with 66.9% during the same period last year.

Tax revenue was 63.2% of BE, compared with 73.4% in the comparable period of the previous year. The total expenditure of the government at December-end was Rs 18.32 lakh crore or 75% of BE.

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