Market may rally on upbeat global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 204 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading with shar gains on Wednesday after a sharp bounce in U.S. stocks overnight.

China kept its one-year and five-year loan prime rates unchanged at 3.7% and 4.45% Wednesday.

U.S. stocks closed with sharp gains on Tuesday as more companies joined big banks in reporting earnings that beat forecasts, offering respite to investors worried about higher inflation and a tightening Fed denting the corporate bottomline.

Domestic markets:

Back home, the benchmark equity indices closed with decent gains on Tuesday. The trading was volatile amid mixed global cues. The barometer index, the S&P BSE Sensex, was up 246.47 points or 0.45% to 54,767.62. The Nifty 50 index added 62.05 points or 0.38% to 16,340.55.

Foreign portfolio investors (FPIs) bought shares worth Rs 976.40 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 100.73 crore in the Indian equity market on 19 July, provisional data showed.

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