SGX Nifty hints at upbeat start

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 70 points at the opening bell.

On the political front, the Election Commission on Saturday announced the poll dates and schedule for the upcoming assembly elections in Goa, Punjab, Uttar Pradesh, Uttarakhand, and Manipur. The EC has also issued fresh guidelines for the conduct of elections amid the ongoing coronavirus pandemic.

Uttar Pradesh, Goa, Manipur, Punjab, and Uttarakhand will vote over seven phases starting February 10, with counting of votes scheduled for March 10.

Global markets:

Overseas, Asian stocks are trading mixed on Monday as investors kept an eye on the coronavirus pandemic and rising interest rates in the U.S. Japan's markets are closed for a public holiday. Covid cases have continued to rise sharply around the globe following the emergence of the highly transmissible omicron variant.

U.S. stocks ended lower Friday as investors worried about looming U.S. interest-rate hikes and unfolding Omicron news.

On Friday, the Labor Department reported the U.S. economy added far fewer jobs in December than expected. The nonfarm payrolls report showed an increase of 199,000 in December. The U.S. unemployment rate fell to 3.9% in December from 4.2% in November, the jobs report showed.

Domestic markets:

Back home, the benchmark indices settled with decent gains on Friday, supported by oil & gas and banks stocks. The barometer index, the S&P BSE Sensex, rose 142.81 points or 0.24% at 59,744.65. The Nifty 50 index gained 66.80 points or 0.38% at 17,812.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 496.27 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 115.66 crore in the Indian equity market on 7 January, provisional data showed.

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