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News Pre-Session

 
Market may open higher
08-Feb-21   07:59 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 89 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday, as investors are expected to monitor shares of China's tech giants following the release of new anti-monopoly guidelines over the weekend.

Investors will be watching Hong Kong listed shares of Chinese tech giants Alibaba, Tencent and JD.com on Monday. That comes after China's State Administration for Market Regulation released a new set of rules that are set to put pressure on leading internet services in the country such as Alibaba's Taobao or Tencent's WeChat Pay.

In US, the Nasdaq and S&P 500 hit all-time highs on Friday on stronger-than-expected corporate results in the fourth quarter.

The Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow President Joe Biden's $1.9 trillion rescue package to get through the Democratic-held Senate with a simple majority. The package includes $1,400 stimulus checks, supplemental jobless benefits and Covid-19 vaccine and testing funds.

Meanwhile, U.S. President Joe Biden said his administration was prepared for “extreme competition” with China, though his approach would be different than his predecessor. Biden also said during the interview that he had not spoken to Chinese President Xi Jinping yet since he was sworn in last month.

On the coronavirus front, more contagious variants continue to spread throughout the U.S. On Friday Virginia health officials reported the state's first case of the strain first identified in South Africa. On Sunday South Africa halted distribution of AstraZeneca's vaccine given its minimal efficacy against the strain first identified in the country.

Domestic markets:

Back home, benchmark indices advanced for fifth trading session on Friday, following Reserve Bank of India (RBI)'s decision to keep repo rates unchanged. Global shares were positive on progress in vaccine distribution and expectations of a large stimulus by US President Joe Biden's administration. The Sensex added 117.34 points or 0.23% to 50,731.63. The Nifty 50 gained 28.60 points or 0.19% to 14,924.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,461.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,418.65 crore in the Indian equity market on 5 February, provisional data showed.

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