Market geared for upbeat start

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 91 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading higher on Friday following gains overnight on Wall Street, with the S&P 500 closing at a new record. Some markets in Asia-Pacific, including Australia, Singapore and Hong Kong, are set to close early on Friday due to Christmas Eve.

Japan`s November consumer inflation marked the biggest year-on-year rise in nearly two years on surging fuel costs. Japan`s core consumer price index (CPI), which excludes volatile fresh food but includes oil costs, rose 0.5% in November from a year earlier, government data showed.

U.S. markets will remain closed today for the Christmas holiday.

US stocks rose for a third day on Thursday as investors looked past earlier jitters about the spread of the omicron Covid variant. Helping boost sentiment were new studies suggesting that omicron has a lower risk of hospitalization than other Covid variants.

The Food and Drug Administration granted emergency use authorization for Pfizer`s Covid pill, the first oral antiviral drug against the virus. The FDA also authorized Merck`s antiviral pill for Covid-19 on Thursday.

Domestic markets:

Back home, the domestic equity benchmarks ended with modest gains on Thursday. The barometer index, the S&P BSE Sensex, rose 384.72 points or 0.68% to 57,315.28. The Nifty 50 index gained 117.15 points or 0.69% to 17,072.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 271.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,196.48 crore in the Indian equity market on 23 December, provisional data showed.

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