Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell.
Overseas, Asian markets were trading higher buoyed by Chinese markets after Beijing eased monetary policy to support slowing growth
China's central bank on Wednesday said that it would cut the amount of cash that banks must hold as reserves, releasing around 800 billion yuan in funds effective 6 January 2020.
A private survey released on Thursday showed China's manufacturing activity expanded in the month of December. The Markit/Caixin Purchasing Managers' Index (PMI) for manufacturing came in at 51.5, compared to 51.8 in November.
In US, markets were closed on account of the New Year holiday on Wednesday.
Back home, on Wednesday, the domestic stock market started the new year on a positive note after US President Donald Trump said that Phase 1 of the trade deal with China would be signed on 15 January. The Indian government's Rs 102 lakh crore infrastructure push to realise $5 trillion GDP goal also boosted sentiment. The barometer index, the BSE Sensex, rose 52.28 points or 0.13% to 41,306.02. The Nifty 50 index rose 21.25 points or 0.17% to 12,189.70.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 58.87 crore yesterday, 1 January 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 208.47 crore, yesterday, 1 January 2020, as per provisional data.
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