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 gain around 10 points at the opening bell.

Global markets: Overseas, Asian stocks were mixed after major indices on Wall Street surged to record closing highs overnight stateside. Markets in Hong Kong are closed today for a holiday.

China’s services sector activity grew in March, according to a private sector survey released Tuesday. The Caixin/Markit services Purchasing Managers’ Index for March came in at 54.3, as compared to February’s reading of 51.5.

US stocks rallied on Monday with the Dow and S&P 500 closing at record levels, as a round of strong economic data buoyed investor optimism for the economic reopening.

The Dow Jones Industrial Average rose 373.98 points to 33,527.19, a record closing high. The S&P 500 gained 1.4% to 4,077.91, also hitting a new record close. The tech-heavy Nasdaq Composite also climbed 1.7% to 13,705.59.

Treasury Secretary Janet Yellen on Monday pushed for a global minimum corporate tax in an effort to keep companies from relocating to find lower rates.

Meanwhile, a measure of U.S. services industry activity soared to a record high in March. The Institute for Supply Management’s non-manufacturing activity index jumped to a reading of 63.7 last month. That was the highest in the survey’s history and followed 55.3 in February.

Domestic markets:

Back home, the domestic equity benchmarks ended with significant cuts on Monday, led by weakness in banks and financial shares. A spike in domestic coronavirus cases and fresh curbs imposed by the Maharashtra government dented investors’ sentiment. The S&P BSE Sensex, slumped 870.51 points or 1.74% to 49,159.32. The Nifty 50 index tumbled 229.55 points or 1.54% to 14,637.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 931.66 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 75.48 crore in the Indian equity market on 5 April, provisional data showed.

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