Market may open with strong gains on upbeat global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 113 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on the optimism on Wall Street as stocks saw a boost from upbeat earnings and a strong consumer confidence reading. Meanwhile, Australia's foreign minister Penny Wong met her Chinese counterpart Wang Yi on Wednesday, and the two agreed to restart dialogue on trade and economic issues.

US stocks closed higher on Wednesday following upbeat earnings results from Nike and FedEx as well as improving consumer confidence and easing inflation expectations from investors.

US consumer confidence rose to an eight-month high in December. The Conference Board's consumer confidence index jumped to 108.3 in December from 101.4 in November. The number was also the index's highest since April.

The US current account deficit narrowed sharply in the third quarter as exports jumped to a record high, data showed on Wednesday. The Commerce Department said that the current account deficit, which measures the flow of goods, services and investments into and out of the country, contracted 9.1% to $217.1 billion last quarter. That was the smallest gap since the second quarter of 2021.

Domestic markets:

Back home, domestic shares tumbled on Wednesday, amid broader selling pressure. The barometer index, the S&P BSE Sensex, declined 635.05 points or 1.03% to 61,067.24. The Nifty 50 index declined 186.20 points or 1.01% to 18,199.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,119.11 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,757.37 crore in the Indian equity market on 21 December, provisional data showed.

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