Market outlook: A rally on the cards on upbeat global cues

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 175 points at the opening bell. Overseas, Asian stocks traded higher on Monday as traders sought to take advantage of last week’s selloff while weighing risks from the delta virus strain and China’s regulatory curbs.

Major US stock averages rebounded Friday. Technology stocks traded in the green Friday, providing the market with support. Fed officials are set to gather for their annual meeting in Jackson Hole, Wyo., from Thursday. Market participants will be awaiting insights into the Fed’s “taper talks” as many central bankers aim to move away from easy policy.

Domestic markets:

Back home, benchmark indices settled with steep losses on Friday amid weak global cues. The barometer index, the S&P BSE Sensex, declined 300.17 points or 0.54% at 55,329.32. The Nifty 50 index declined 118.35 points or 0.71% at 16,450.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,287.03 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 119.30 crore in the Indian equity market on 20 August, provisional data showed.

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