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Market may open lower

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SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 36 points at the opening bell.

On the macro front, India's exports slipped 12.66% to $22.7 billion in August, on account of decline in the shipments of petroleum, leather, engineering goods and gems and jewellery items, according to the government data released on 15 September 2020. The country's imports too declined 26% to $29.47 billion in August, leaving a trade deficit of $6.77 billion, compared to a shortfall of $13.86 billion in the same month last year, as per the data.

Global markets:

Overseas, Asian stocks were mixed on Wednesday as investors await the Federal Open Market Committee's quarterly update.

Provisional trade statistics from Japan's Ministry of Finance released Wednesday showed the country's exports in August falling 14.8% as compared to a year ago.

In US, stocks rose on Tuesday, building on the strong performance from the previous session, on the back of broad market gains and solid economic data. Apple on Tuesday announced new devices and services, including a new Apple Watch and two new iPad models.

Traders also looked ahead to the Federal Reserve concluding its two-day policy meeting on Wednesday. The Federal Open Market Committee will give its quarterly update on where it sees GDP, unemployment and inflation going.

In the U.S., the Empire State Manufacturing index came in at 17 for September, rebounding from a print of 3.7 in August.

Domestic markets:

Back home, benchmark indices ended with strong gains on Tuesday, tracking positive global cues. Banks and pharma shares rallied while auto and FMCG shares declined. The barometer index, the S&P BSE Sensex added 287.72 points or 0.74% at 39,044.35. The Nifty 50 index gained 81.75 points or 0.71% at 11,521.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,170.89 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 895.63 crore in the Indian equity market on 15 September, 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.)

First Published: Wed, September 16 2020. 08:30 IST
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