Stocks may slide in early trade

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 105 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed in Tuesday trade following an overnight drop on Wall Street as fears surrounding the coronavirus pandemic lingered.

US stocks dropped on Monday, the first trading day of 2021, amid concerns about global coronavirus cases and the Georgia runoff elections.

Investors are keeping eye on Tuesday's Senate runoffs in Georgia, which could have a big impact on incoming U.S. President Joe Biden's economic policies.

In the U.K., Prime Minister Boris Johnson imposed a national lockdown on England to curb the spread of the new coronavirus variant. As part of the new restrictions, people can only leave their homes for essentials, work if they can't from home and exercise. Most schools will also move to remote learning, including universities.

Domestic markets:

Back home, domestic equity benchmarks closed with strong gains on Monday. The barometer index, the S&P BSE Sensex, gained 307.82 points or 0.64% to 48,176.80. The Nifty 50 index rallied 114.40 points or 0.82% to 14,132.90.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,843.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 715.21 crore in the Indian equity market on 4 January, provisional data showed.

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