Shares may open higher on positive Asian cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 25 points at the opening bell.

Global markets:

Overseas, most Asian stocks advanced on Thursday as investors reacted to the release of a private survey on China's services sector activity in November.

China's Caixin/Markit services Purchasing Managers' Index for November released Thursday came in at 57.8, rising from October's reading of 56.8. PMI readings above the 50 mark signify expansion, while those below that level represent contraction.

Investors also monitored developments on US coronavirus stimulus negotiations, as lawmakers race to pass a pandemic relief package before the end of the year.

US stock benchmarks finished the session slightly higher on Wednesday. The Dow and S&P 500 gained 0.2%, while the Nasdaq Composite slipped 0.05%. The slight move higher for the S&P 500 resulted in a new record high.

Markets turned positive late in the session after Democratic congressional leaders threw their weight behind a coronavirus fiscal stimulus proposal that has bipartisan support in both chambers of Congress on Wednesday.

In economic reports, U.S. businesses created 307,000 private-sector jobs in November, ADP said Wednesday.

On Wednesday evening, the House of Representatives unanimously passed a bill that would require Chinese companies to adhere to U.S. auditing standards if they want their stocks to be to be listed on exchanges in the United States. The bill now goes to President Donald Trump, who is expected sign it into law.

Numbers to Track:

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 91.03.

In the commodities market, Brent crude for February 2020 settlement was down 18 cents to $48.07 a barrel.

Domestic markets:

Back home, key equity indices ended almost flat after a volatile sessions on Wednesday. The Nifty managed to end above the 13,100 mark and attain record closing high level. While banks and financial shares witnessed profit selling, metal, auto and realty shares were in demand. The barometer index, the S&P BSE Sensex, lost 37.40 points or 0.08% to 44,618.04. The Nifty 50 index rose 4.70 points or 0.04% at 13,113.75, its record closing high.

Foreign portfolio investors (FPIs) bought shares worth Rs 357.35 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,635.97 crore in the Indian equity market on 2 December 2020, provisional data showed.

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