Stocks may see soft start

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 12 points at the opening bell.

On the COVID-19 vaccine front, Bharat Biotech reportedly inked a purchase agreement with the Government of India on January 11 to provide 55 lakh doses of COVID-19 vaccine Covaxin at Rs 295 per dose. The pharma firm will be providing its coronavirus vaccine directly to 12 states, and the process will be completed in two days by January 14. Dispatches will begin from Hyderabad starting January 12. Bharat Biotech will be providing 38.5 lakh doses of the COVID-19 vaccine in stage 1 and 16.5 doses in stage 2.

Global markets:

Overseas, Asian stocks were trading mixed on Tuesday after shares on Wall Street pulled back overnight from all-time highs.

US stocks fell on Monday as investors assessed equity valuations and the outlook for more Covid-19 relief stimulus, along with ongoing political turmoil.

Tensions were high in Washington again to start the week as House Democrats introduced an article of impeachment on Monday against President Donald Trump for inciting the mob attack at the Capitol. The lower chamber plans to vote on the article sometime this week. Multiple Cabinet-level officials have quit since the riot, with President-elect Joe Biden set to be inaugurated on January 20.

Domestic markets:

Back home, domestic equity benchmarks jumped to end near the day's high on Monday, supported by rally in IT and auto shares. The barometer index, the S&P BSE Sensex, jumped 486.81 points or 1% to 49,269.32. The Nifty 50 index gained 137.50 points or 0.96% to 14,484.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,138.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,610.13 crore in the Indian equity market on 11 January, provisional data showed.

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