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Indices may nudge higher

Capital Market 

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 75 points at the opening bell.

Global markets:

Asian stocks are trading higher on Friday after a tech-driven rally on Wall Street.

In US, Nasdaq ended at a record high on Thursday, with the S&P 500 and Dow also rising, as gains in heavyweight tech stocks outweighed downbeat data that affirmed the Federal Reserve's view of a difficult road to economic recovery. Gains in Apple Inc, Inc and Microsoft Corp underpinned a rally in Wall Street's three main indexes as investors bet the tech giants would ride out the economic crisis.

The Trump administration on Thursday reportedly declined to acknowledge any plans to meet with China over the Phase 1 trade deal after the commerce ministry in Beijing said bilateral talks would be held in the coming days to evaluate the agreement's progress.

The latest figures, released Thursday by the Labor Department, showed the number of laid-off workers seeking U.S. unemployment benefits rose to 1.1 million last week after two weeks of declines. Jobless claims had fallen last week below 1 million for the first time since March, to 971,000.

Domestic markets:

Back home, key domestic indices corrected on Thursday, snapping a three-day rising streak as weak global cues triggered profit booking. Selling was prominent in banks and financial shares. The barometer index, the S&P BSE Sensex declined 394.40 points or 1.02% at 38,220.39. The Nifty 50 index lost 96.20 points or 0.84% at 11,312.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 268.46 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 672.23 crore in the Indian equity market on 20 August, provisional data showed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, August 21 2020. 08:19 IST