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Market may open slightly higher

Published on Jul 27, 2021 08:22

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday even as several major Chinese tech stocks in Hong Kong remained under pressure following a Monday tumble.

All three major US stock indexes eked out record closing highs for a second straight session on Monday as investors were optimistic heading into a slew of earnings from heavyweight technology and internet names this week, while caution ahead of a Federal Reserve policy meeting kept the market in check.

Investors will be watching the Federal Reserve`s two-day policy meeting, beginning Tuesday. The Federal Open Market Committee and the Board of Governors are expected to issue a statement on the stance of monetary policy Wednesday. On Thursday, the Commerce Department will report second-quarter gross domestic product data.

Meanwhile, on the data front, sales of new U.S. single-family homes dropped unexpectedly in June, falling 6.6% to a seasonally adjusted annual rate of 676,000 units, the Commerce Department said on Monday.

Domestic markets:

Back home, the domestic equity barometers ended a volatile session with modest losses on Monday. The barometer index, the S&P BSE Sensex, fell 123.53 points or 0.23% to 52,852.27. The Nifty 50 index lost 31.60 points or 0.20% to 15,824.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,376.79 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,551.27 crore in the Indian equity market on 26 July, provisional data showed.

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