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US stocks closed mixed Friday as the market fell back under pressure amid concerns relating to China, Covid-19 and US politics.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 98 points at the opening bell. Overseas, Asian stocks traded higher on Monday, with investors monitoring stocks related to embattled developer China Evergrande Group. US stocks closed mixed Friday as the market fell back under pressure amid concerns relating to China, Covid-19 and US politics.
Eyes will also be on US fiscal policy with the House of Representatives due to vote on a $1 trillion infrastructure bill this week, while a September 30 deadline on funding federal agencies could force the second partial government shutdown in three years.
Elsewhere, early projections on Sunday pointed to a knife-edge result in Germany federal elections as the country looks for a successor to Angela Merkel, who is preparing to leave office after 16 years in power.
Domestic markets:
Back home, the domestic equity benchmarks ended with modest gains on Friday. The S&P BSE Sensex, added 163.11 points or 0.27% to 60,048.47. The Nifty 50 index gained 30.25 points or 0.17% to 17,853.20.
Foreign portfolio investors (FPIs) bought shares worth Rs 442.49 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 515.85 crore in the Indian equity market on 24 September, provisional data showed.
Market outlook
Rahul Sharma, director, head – technical and derivative research, JM Financial Services said, “Nifty is expected to reach 50% of its Fibonacci extension (18,111) of the second leg of the rally which began from April 2021. Market internals, breadth and thrust have been robust but expect some profit booking around the 18,100 mark. Buy the dip is the mantra for fresh entry as supports are expected at 17,650 and 17,300. Bank Nifty can post another breakout above 38,100 for a possible target of 40,000 in October series. We remain positive on telecom, auto and private banks.”