Indices may open higher

July 09,2020

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 52 points at the opening bell. IT bellwether TCS will consider Q1 result today, 9 July 2020.

Overseas, Asian stocks are trading higher on Thursday, as hopes of a robust economic recovery offset concerns over flare-ups in the coronavirus pandemic, and as investors looked ahead to earnings season.

Producer price index slipped 3% year-on-year in June, according to data from China's National Bureau of Statistics. Meanwhile, the consumer price index rose 2.5% as compared with a year ago.

In US, stocks ended Wednesday higher, with the tech-heavy Nasdaq scoring an all-time record, as investors focused on stocks that can outperform amid an acceleration of coronavirus infections in about 30 American states and longer periods of working from home.

Equity markets booked gains Wednesday, even as investors focused on the question of whether unabated increases in COVID-19 cases in a number of U.S. states would delay economic recovery.

In separate appearances, three U.S. Federal Reserve officials said the pace of the economic recovery may be stalling, though another, St. Louis Fed President James Bullard, reportedly said he felt many lost jobs will be regained by year's end.

U.S. traded shares of Alibaba Group Holding rallied 9%, following a report that the Chinese e-commerce giant plans an initial public offering for Ant Financial Services Group. KKR & Co. stock gained 10% after it announced Wednesday an agreement to buy retirement and life insurance company Global Atlantic Financial Group.

Back home, the market corrected on Wednesday, snapping a five-day rising streak. Mixed global cues triggered profit booking in domestic shares. IT stocks tumbled while metal shares bucked trend. The barometer S&P BSE Sensex tumbled 345.51 points or 0.94% at 36,329.01. The Nifty 50 index lost 93.90 points or 0.87% at 10,705.75. Both these indices jumped about 5% in the past five trading sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 994.87 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 853.41 crore in the Indian equity market on 8 July, provisional data showed.

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