SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 95 points at the opening bell.
Global markets: Overseas, Asian stocks traded mixed on Monday after US shares climbed further on speculation the Federal Reserve has scope to continue providing substantial stimulus support.
A private survey on China’s services sector activity in June showed growth slowing sharply in June to a 14-month low. The Caixin/Markit services Purchasing Managers’ Index for June, released Monday, came in at 50.3 — a significant decline from May’s reading of 55.1.
US markets will remain closed on Monday in observance of Independence Day.
U.S. stocks advanced a second straight week to end Friday, with all three benchmark indexes at fresh all-time highs before heading into a long holiday weekend, after a monthly report employment was better than expected as the economy bounces back from the COVID pandemic.
The U.S. added 850,000 jobs in June, marking the biggest monthly gain since March, and jobs gains in May were raised slightly to 583,0000 from 559,000. Unemployment rose to 5.9% in June from 5.8% in May.
Outside of the jobs data, a reading on factory orders for May showed a 1.7% rise, after a revised 0.1% decline in the prior month, the Commerce Department said Friday. Factory orders have risen in 12 of the last 13 months.
Meanwhile, Organization of the Petroleum Exporting Countries and a Russia— members of the group known as OPEC+ on Friday again delayed a decision about easing output curbs that have been in place to help stabilize crude prices.
The oil decision comes as the group is trying to balance the after effects of the COVID pandemic on energy demand and concerns about the impact of variants of the coronavirus in parts of the world against expectations for higher demand as many economies emerge from lockdowns and stay-at-home protocols put in place to limit the pandemic’s spread.
Back home, the domestic equity barometers ended with decent gains on Friday. The barometer index, the S&P BSE Sensex, rose 166.07 points or 0.32% to 52,484.67. The Nifty 50 index rose 42.20 points or 0.27% to 15,722.20.
Foreign portfolio investors (FPIs) sold shares worth Rs 982.80 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 930.39 crore in the Indian equity market on 2 July, provisional data showed.
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