Market may open slightly higher

February 22,2021

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday as China left its benchmark lending rate unchanged over the weekend.

China kept the one-year loan prime rate (LPR) unchanged at 3.85%, largely in line with expectations. The five-year LPR was also kept steady at 4.65%. The LPR is a lending reference rate set monthly by 18 banks.

Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued.

The House of Representatives will try to pass a $1.9 trillion coronavirus relief plan before the end of February, Speaker Nancy Pelosi said Thursday. Democratic Congressional leaders may try to pass a package without votes from Republicans.

Domestic markets:

Back home, key domestic equity indices declined for fourth consecutive session on Friday, led by selling in banks and auto shares. Rising COVID-19 cases and mixed global cues triggered profit selling in domestic shares. The barometer index, the S&P BSE Sensex, dropped 434.93 points or 0.85% at 50,889.76. The Nifty 50 index lost 137.2 points or 0.91% at 14,981.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 118.75 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,174.98 crore in the Indian equity market on 19 February, provisional data showed.

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