Market may open with small gains

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

Overseas, most Asian stocks were trading higher on Friday following the easing of US-Iran tensions, and after US stocks shot to record highs.

In US, stocks swept to record highs once again on Thursday as investors focused on progress on the trade pact with China due to be signed next week and amid an easing of concerns about war in the Middle East.

In economic data, the number of Americans who applied for unemployment benefits fell in early 2020 for the fourth week in a row, putting new jobless claims back near the lowest level in about 50 years. Initial jobless claims declined by 9,000 to 214,000 in the seven days ended 4 Jan 2020.

Back home, the domestic stock market ended with robust gains on Thursday, supported by strong global cues, reversal in crude oil prices and a sharp rebound in rupee. The barometer BSE S&P Sensex rose 634.61 points or 1.55% to 41,452.35. The Nifty 50 index gained 190.55 points or 1.58% to 12,215.90.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 431.11 crore yesterday, 9 January 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 419.22 crore, yesterday, 9 January 2020, as per provisional data.

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