Market may open lower

July 07,2020

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 29 points at the opening bell.

Overseas, Asian stocks are trading higher on Tuesday as investors weighed growing expectations of an economic rebound in China and a resurgent US services industry.

In US, stocks finished sharply higher Monday, with the Nasdaq scoring a record close, as a rebound in U.S. services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States.

The gains came despite a record surge in new COVID-19 cases in 16 states in the United States this month that could further hamper reopening plans and create a risk to the economic recovery.

Amazon.com, Inc.'s stock rose 5.8% to close at $3,057 a share, topping the $3,000 level for the first time in its history and clinching a $1.5 trillion valuation.

The Institute for Supply Management's (ISM) non-manufacturing activity index almost returned to its pre-COVID-19 pandemic levels last month, jumping to a reading of 57.1, the highest since February, from 45.4 in May, a report showed.

Back home, domestic shares advanced for the fourth straight session on Monday, tracking positive global cues. The barometer S&P BSE Sensex rallied 465.86 points or 1.29% at 36,487.28. The Nifty 50 index surged 156.30 points or 1.47% at 10,763.65.

Foreign portfolio investors (FPIs) bought shares worth Rs 348.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 263.47 crore in the Indian equity market on 6 July, provisional data showed.

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