SGX Nifty indicates positive start for Indian indices

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SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 48 points at the opening bell.

Global markets: Overseas, Asian stocks are trading higher on Tuesday following a relatively subdued start to the global trading week as investors look ahead to the Fed meeting stateside.

In US, the Dow and S&P 500 both hit new records on Monday as investors grew optimistic about the economic reopening from the pandemic.

As a part of the $1.9 trillion stimulus package that became law last week, the IRS started processing $1,400 direct payments for millions of Americans, which is expected to add juice to the already recovering economy.

Investors will be gearing up for the Federal Open Market Committee two-day meeting on March 16 and 17. It is reportedly expected that the U.S. central bank may revise up its GDP forecast, following a $1.9 trillion fiscal stimulus package that will send direct payments of up to $1,400 to most Americans. The Fed will also deliver its decision on interest rates.

Domestic markets:

Back home, domestic equity indices declined for second trading session on Monday. Resurgence of COVID-19 cases in various part of the country made investors jittery. A contraction in IIP data for January and spike in India’s inflation also triggered selling. A sharp increase in US treasury yields and firm crude oil prices also dented investors’ sentiment. The S&P BSE Sensex, tanked 397 points or 0.78% at 50,395.08. The Nifty 50 index lost 101.45 points or 0.67% at 14,929.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,101.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 749.71 crore in the Indian equity market on 15 March, provisional data showed.

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