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Stocks may open higher

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 79 points at the opening bell.

Overseas, Asian stocks are trading higher, shrugging off heightened tensions between the United States and China and the spread of coronavirus. The Bank of Japan is expected to hold steady on policy after today's meeting. Investors will be gauging officials' economic projections and any reassurances of additional stimulus if needed.

In US, Wall Street surged on Tuesday, with the Dow Jones Industrial Average ending more than 2% higher as investors bought energy and materials stocks and looked beyond a recent rise in coronavirus cases.

Simmering tensions between the United States and China loom large, after U.S. President Donald Trump signed legislation and an executive order to hold China "accountable" for the national security law it imposed on Hong Kong.

Fed officials warned the U.S. economy faces a longer recovery from the pandemic, and economic pain could still worsen as cases mount.

Back home, domestic equity benchmarks slumped on Tuesday, dragged by bank shares. The barometer S&P BSE Sensex tumbled 660.63 points or 1.80% at 36,033.06. The Nifty 50 index slumped 195.35 points or 1.81% at 10,607.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,565.62 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 649.70 crore in the Indian equity market on 14 July, 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: Wed, July 15 2020. 08:07 IST