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Indices may open on positive note

Capital Market 

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 30 points at the opening bell.

Overseas, Asian stocks are trading lower on Tuesday, following a mixed Wall Street session and as investors eyed stalled US stimulus efforts.

In US, the S&P 500 ended up slightly and the Nasdaq fell on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a US fiscal support bill.

On Monday, China imposed sanctions on 11 U.S. citizens including lawmakers from Trump's Republican Party in response to Washington's imposition of sanctions on Hong Kong and Chinese officials accused of curtailing political freedoms there.

US President Donald Trump said that the Phase 1 trade deal with China means very little, which could set the stage for further tension when officials from both countries meet on Saturday to review progress over the first six months of the agreement.

U.S. congressional leaders and Trump administration officials said on Monday they were ready to resume negotiations on a coronavirus aid deal but talks remained deadlocked as Democrats said Republicans needed to meet them in the middle.

Back home, key domestic equity benchmarks ended with decent gains after a volatile session on Monday. The Sensex and the Nifty sharply came off the day's high as profit booking emerged at higher levels. Global stock markets were upbeat as an improvement in Chinese factory data calmed nerves. The barometer index, the S&P BSE Sensex, was rose 141.51 points or 0.37% at 38,182.08. The Nifty 50 index added 56.10 points or 0.5% at 11,270.15.

Foreign portfolio investors (FPIs) bought shares worth Rs 302.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 504.92 crore in the Indian equity market on 10 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: Tue, August 11 2020. 08:12 IST
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