Market may open higher

March 02,2021

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 72 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday following strong gains overnight for shares on Wall Street.

U.S. stocks jumped sharply on Monday in a broad-based rally as stocks tied to the economic reopening jumped on vaccine optimism, while tech names rebounded from steep losses last week.

U.S. manufacturing activity increased to a three-year high in February amid a surge in new orders. The ISM said its index of national factory activity rebounded to a reading of 60.8 last month from 58.7 in January. That was the highest level since February 2018.

Domestic markets:

Back home, domestic benchmark indices closed with robust gains on Monday. Value buying emerged after India's GDP returned to positive territory after contracting for two straight quarters. The barometer index, the S&P BSE Sensex, surged 749.85 points or 1.53% at 49,849.84. The Nifty 50 index advanced 232.40 points or 1.60% at 14,761.55.

Foreign portfolio investors (FPIs) bought shares worth Rs 125.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 194.88 crore in the Indian equity market on 1 March, provisional data showed.

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