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News Pre-Session

 
Market may open higher
27-Jan-21   08:30 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 63 points at the opening bell.

India's gross domestic product (GDP) is expected to contract by 8% in 2020-21, according to the latest round of FICCI's Economic Outlook Survey. The annual median growth forecast by the industry body is based on responses from leading economists representing industry, banking and financial services sector. The survey was conducted in January.

The IMF on Tuesday projected an impressive 11.5% growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic. The International Monetary Fund's growth projections for India in its latest World Economic Outlook Update released on Tuesday reflected a strong rebound in the economy, which is estimated to have contracted by 8% in 2020 due to the pandemic.

Global markets:

Overseas, Asian stocks were mixed on Wednesday as the International Monetary Fund (IMF) raised its growth forecast for the global economy this year.

In its latest World Economic Outlook published Tuesday, the IMF now expects the global economy to grow 5.5% this year. That's a 0.3 percentage point increase from October's forecasts. Much now depends on the outcome of this race between a mutating virus and vaccines to end the pandemic, and on the ability of policies to provide effective support until that happens, IMF said.

In US, the S&P and Nasdaq slipped on Tuesday from record closing levels as investors digested a batch of corporate earnings results, while an expected policy announcement from the Federal Reserve on Wednesday helped to limit moves.

The Biden administration signaled Tuesday that it could be open to tweaking eligibility for future stimulus checks. President Joe Biden's $1.9 trillion proposal calls for $1,400 direct deposits, but the plan has drawn critiques from a bipartisan group of lawmakers because of its lofty price tag.

Investors were also waiting for a new policy statement from the Federal Reserve as the central bank began its two-day meeting on Tuesday. Former Fed Chair Janet Yellen was confirmed as Treasury secretary, becoming the first woman to hold the position.

On the Coronavirus front, Moderna said Monday that its vaccine does provide some protection against a variant found in South Africa, while officials in Minnesota reported the first U.S. confirmed case of a strain found in Brazil.

Domestic markets:

Back home, the domestic equity benchmarks tumbled on Monday, dragged by Reliance Industries and IT pivotals. The barometer index, the S&P BSE Sensex, tumbled 530.95 points or 1.09% to 48,347.59. The Nifty 50 index lost 133 points or 0.93% to 14,238.90.

The domestic equity market were shut on Tuesday, 26 January 2021, on account of Republic Day.

Foreign portfolio investors (FPIs) sold shares worth Rs 765.30 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 387.76 crore in the Indian equity market on 25 January, provisional data showed.

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