SGX Nifty indicates a positive start for Indian indices

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 41 points at the opening bell. However, the upside could be capped due to the weekly expiry and earnings of some of the index majors.

Global markets

Overseas, Asian stocks are trading mixed on Thursday, as investors monitored shares of developer China Evergrande Group in Hong Kong. Evergrande shares dropped sharply on Thursday, returning to trade on Thursday after a halt that lasted more than two weeks.

Evergrande said on Wednesday it had scrapped a deal to sell a 50.1% stake in Evergrande Property Services Group Ltd to Hopson Development Holdings Ltd as the smaller rival had not met the “prerequisite to make a general offer”.

In the US, the S&P 500 and the Dow climbed on Wednesday with the Dow hitting an intraday record high as investors eyed better than expected third-quarter earnings from U.S. companies.

Domestic markets

Back home, the domestic equity benchmarks ended with significant cuts on Wednesday. The Nifty 50 index lost 152.15 points or 0.83% to 18,266.60. It reversed the trend after hitting the day’s high of 18,458.30 in morning trade.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,843.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,680.73 crore in the Indian equity market on 20 October, provisional data showed.

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