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Stocks may open on firm note

Published on Aug 03, 2022 08:14

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 51 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly higher on Wednesday as geopolitical tensions between the U.S. and China intensified over U.S. House Speaker Nancy Pelosi`s visit to Taiwan. Pelosi arrived in Taiwan on Tuesday night local time amid warnings from Beijing.

In economic news, China`s services activity grew at the fastest rate in 15 months in July as easing COVID curbs boosted consumer confidence, a private-sector survey showed on Wednesday. China`s Caixin Services Purchasing Managers` Index for July came in at 55.5, up from 54.5 in June. It`s also the highest since April 2021.

Wall Street ended lower after a choppy session on Tuesday, with geopolitical tensions flaring after US House of Representatives Speaker Nancy Pelosi visited Taiwan.

Domestic markets:

Back home, the domestic equity barometers ended a tad above the flat line after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, was up 20.86 points or 0.04% to 58,136.36. The Nifty 50 index rose 5.40 points or 0.03% to 17,345.45.

Foreign portfolio investors (FPIs) bought shares worth Rs 825.18 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 117.79 crore in the Indian equity market on 2 August, provisional data showed.

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