Strong opening on the cards

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 109 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Tuesday, as investors worried a highly infectious new strain of COVID-19 that shut down much of Britain could lead to a slower economic recovery.

Developments surrounding the coronavirus pandemic likely continued to weigh on investor sentiment, following the discovery of a new Covid strain in the U.K. that has prompted tighter lockdowns and travel restrictions across Europe.

In US, the S&P 500 closed lower on Monday, having clawed its way back from steep losses early in the session as investors juggled the outbreak of an ominous new strain of COVID-19 with the passage of a long-anticipated stimulus package.

The Dow Jones Industrial Average rose 37.4 points, or 0.12%, to 30,216.45, the S&P 500 lost 14.49 points, or 0.39%, to 3,694.92 and the Nasdaq Composite dropped 13.12 points, or 0.1%, to 12,742.52.

Monday's choppy trading came as lawmakers reached an agreement on a $900 billion relief package, which would provide direct payments and jobless aid to struggling Americans. The announcement came after negotiators resolved a key sticking point by rolling back the Federal Reserve's emergency lending powers. Lawmakers will vote on the relief and funding bill on Monday.

Domestic markets:

Back home, key equity indices corrected sharply on Monday, tracking weak global cues. The barometer index, the S&P BSE Sensex, lost 1,406.73 points or 3% to 45,553.96. The Nifty 50 index slumped 432.15 points or 3.14% at 13,328.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 323.55 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 486.12 crore in the Indian equity market on 21 December, provisional data showed.

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