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Market may open with modest gains

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SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 18 points at the opening bell.

India's retail inflation for the month of August stood at 6.69%, data released by the National Statistical Office (NSO) on Monday showed. The consumer price index (CPI)-based inflation rate for July has been revised to 6.73% from 6.93%.

Global markets:

Overseas, Asian stocks are trading mostly higher today as investors watched China's August economic data.

Retail sales rose 0.5% in August from a year ago, the first positive report for the year so far, China's National Bureau of Statistics said Tuesday. Still, retail sales for the first eight months of the year were down 8.6% from a year ago, the bureau said.

Meanwhile, industrial production in the country grew 5.6% in August from a year ago while fixed-asset investment declined 0.3% for the first eight months of the year.

In US, stocks ended sharply higher on Monday as signs of progress in developing a COVID-19 vaccine and a spurt of multibillion-dollar deals lifted investor optimism. Tech sentiment was lifted by news of Nvidia buying chipmaker Arm Holdings from SoftBank for $40 billion.

Meanwhile, ByteDance rejected Microsoft's bid to buy TikTok's U.S. operations. Instead, ByteDance has chosen Oracle to be TikTok's U.S. technology partner, and Oracle will take a significant stake in the business.

Sentiment was also boosted by signs of progress toward a coronavirus vaccine. AstraZeneca resumed phase three trials for its coronavirus vaccine in the U.K. following a halt due to safety concerns. However, its trials in the U.S. remains on hold as American regulators investigate the side effects flagged in the U.K. study, reports showed.

Domestic markets:

Back home, the main stock indices ended a roller-coaster session with modest losses on Monday. The barometer index, the S&P BSE Sensex fell 97.92 points or 0.25% at 38,756.63. The Nifty 50 index fell 24.40 points or 0.21% at 11,440.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 298.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 120.35 crore in the Indian equity market on 14 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: Tue, September 15 2020. 08:23 IST