SGX Nifty indicates a positive start for the Indian equity markets

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Domestic equity markets are likely to open higher on Wednesday tracking mixed global cues. SGX Nifty, an early indicator of the Nifty50 index performance, also indicates a positive start for the index in India. The Nifty futures were trading nearly 56 points or 0.37% higher at the 15,172.50 at around 8.30 am (IST).

The benchmark equity indices BSE Sensex and NSE Nifty indices ended marginally lower on Tuesday following fag-end profit-booking in IT, FMCG, finance and auto stocks.

After rallying 487 points to touch its lifetime intra-day high of 51,835.86, the 30-share BSE Sensex pared all gains to end 19.69 points or 0.04 per cent lower at 51,329.08.

Similarly, the broader NSE Nifty slipped 6.50 points or 0.04 per cent to 15,109.30. It touched a record peak of 15,257.10 during the day.

Global markets update:

Overseas, Asian stocks are trading mixed on Wednesday. China’s consumer inflation declined in January, according to the country’s National Bureau of Statistics which reported the consumer price index slipped 0.3% from a year ago. The NBS also reported the producer price index rose 0.3% year over year in January.

In the US, Nasdaq extended their runs to fresh highs on Tuesday, as strong earnings and economic recovery prospects buoyed investor sentiment. The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.

Lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills.

President Joe Biden on Tuesday met with Treasury Secretary Janet Yellen and the chief executives of some of the country’s largest businesses in the Oval Office to discuss his $1.9 trillion stimulus plan and the outlook for the economy.