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Market may open slightly higher

Capital Market 

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mostly higher on Friday. The World Health Organization's (WHO) regional director for Europe on Thursday warned of a very serious situation unfolding in Europe. Weekly cases have now exceeded those reported when the pandemic first peaked in Europe in March, said WHO's Hans Klug.

In US, stocks fell on Thursday as technology-related shares slid for a second day. Facebook and Amazon were down 3.3% and 2.3%, respectively. Netflix closed 2.8% lower. Alphabet dropped 1.7% while Apple and Microsoft were both down at least 1%. Snowflake, an IPO which captivated Wall Street on Wednesday as it doubled in its debut, was off by 10.4%.

US President Donald Trump said late Wednesday that the U.S. could distribute a vaccine as early as October, contradicting the director of the Centers for Disease Control and Prevention, who told lawmakers earlier in the day that vaccinations would be in limited quantities this year and not widely distributed for six to nine months.

In Europe, the Bank of England kept its main interest rate unchanged at the record low of 0.1% on Thursday as it gauges the strength of the economy's recovery from recession and what the U.K.'s future trade relationship with the European Union will be. The rate-setting Monetary Policy Committee, which sets policy for the U.K. as a whole, said the outlook for the economy remains unusually uncertain in light of the recent spike in coronavirus infections and questions over the trading relationship with the EU from the start of next year.

Domestic markets:

Back home, domestic benchmark indices snapped a two-day rising streak on Thursday, tracking weak global cues. The S&P BSE Sensex lost 323 points or 0.82% at 38,979.85. The Nifty 50 index fell 88.45 points or 0.76% at 11,516.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 249.82 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,067.83 crore in the Indian equity market on 17 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.)

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First Published: Fri, September 18 2020. 08:28 IST
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