Local stocks are likely to open on a firm note tracking global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 97 points at the opening bell. Hindustan Unilever, Axis Bank, Bajaj Finance, Bajaj Finserv, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Life Insurance Company will declare their April to June quarterly results today, 21 June 2020.
Markets regulator Securities and Exchange Board of India (Sebi) on Monday released framework to enable verification of upfront collection of margins from clients in cash and derivatives segments. The new framework will come into effect from December 1, 2020, Sebi said.
Overseas, Asian stocks are trading higher on Tuesday after investor sentiment was supported by a slew of positive news on the coronavirus vaccine front.
Pfizer and BioNTech reported early positive data on a joint coronavirus vaccine candidate. Another candidate from Oxford University and AstraZeneca also showed a positive immune response in an early trial.
In US, major stock indexes closed higher Monday, with the Nasdaq scoring a record close, as investors looked forward to quarterly results from corporations over the coming days. Investors also focused on positive developments from coronavirus vaccine candidates and talks in Washington on fresh stimulus.
In Washington, Senate Majority Leader Mitch McConnell and Treasury Secretary Steven Mnuchin were reportedly set to meet in the White House Tuesday to kick off discussions on a proposed $1 trillion coronavirus package, which is lower than the $3.5 trillion proposed by Senate Democrats.
Meanwhile, European leaders continued negotiations on Monday over an economic recovery fund to help countries combat the effects of the pandemic. As per reports, a proposal submitted to lift the bloc out of a Covid-19-induced recession included 390 billion euros of grants and 360 billion euros of loans.
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Back home, key domestic barometers ended near the day's high on Monday, extending gains for the fourth straight session. The Nifty managed to close above the psychological 11,000 mark. HDFC Bank, ICICI Bank and Infosys were the top index movers. Encouraging Q1 earnings from index pivotals countered the impact of the surge in domestic coronavirus cases. The barometer S&P BSE Sensex rose 398.85 points or 1.08% at 37,418.99. The Nifty 50 index gained 120.50 points or 1.11% at 11,022.20. Both these indices jumped about 3.9% in four sessions.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,709.97 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,521.99 crore in the Indian equity market on 20 July, provisional data showed.
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