Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.
India's merchandise exports declined for second straight month at 6.6% to US$ 26.03 billion in September 2019 over a year ago. Meanwhile, merchandise imports also dipped 13.8% to US$ 36.89 billion. The trade deficit narrowed 27.4% to seven month low of US$ 10.86 billion in September 2019 from US$ 14.95 billion in September 2018.
The International Monetary Fund (IMF) has reduced India's growth forecast for FY20 by 90 basis points to 6.1%, down from the 7%estimate in July. Meanwhile, the growth forecast for FY21, which stood at 7.2%in July, was slashed by 20 bps to 7%. The downward revision in India's growth forecast by the IMF reflects a weaker-than-expected outlook for domestic demand. Monetary policy easing and the recent corporate tax rate cuts are to support growth with a lag, the IMF said. Government programs to support rural consumption will also aid growth, it added.
Overseas, Asian shares are trading higher as Britain and the EU made headway on a Brexit deal ahead of a leaders' summit.
US stocks gained on Tuesday on strong US corporate results and a possible deal to avoid a disorderly British exit from the European Union.
Back home,key benchmark indices ended with strong gains on Tuesday, tracking positive global sentiments triggered by China confirming phase-one trade deal with the US. The barometer index, the BSE Sensex, rose 291.62 points or 0.76% to 38,506.09. The Nifty 50 index rose 87.15 points or 0.77% to 11,428.30.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 436.02 crore yesterday, 15 October 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 929.39 crore yesterday, 15 October 2019, as per provisional data.
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