Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 62 points at the opening bell. On the macro front, the National Statistical Office is scheduled to release its estimates of gross domestic product (GDP) for the first quarter of this fiscal on 31 August 2020.
Unlock 4 guidelines:
Ministry of Home Affairs on Saturday released the Unlock 4 guidelines. Starting September 1, people will no longer need to get e-passes or register their details on government websites to travel anywhere within the country. Under Unlock 4, all activities and facilities except cinema halls, swimming pools, entertainment parks, theatres (excluding open air theatre) and similar places, will be allowed. It notified that schools, colleges and other educational institutions will remain closed up to September 30 in view of Covid-19 pandemic.
Global markets:
Overseas, Asian stocks notched a 29-month high on Monday as investors wagered monetary and fiscal policies globally would stay super stimulatory for a protracted period.
China's factory activity grew at a slower pace in August. The official manufacturing Purchasing Manager's Index (PMI) fell slightly to 51 in August from 51.1 in July, data from the National Bureau of Statistics showed on Monday. It remained above the 50-point mark that separates growth from contraction on a monthly basis.
More From This Section
Japan's factory output rose for a second straight month in July. Ministry of Economy, Trade and Industry (METI) data showed Japan's industrial output grew 8% in July from the previous month, following a 1.9% increase in June.
South Korea's factory output grew for a second straight month in July. Industrial production in July rose by a seasonally-adjusted 1.6% from a month earlier, Statistics Korea said on Monday, down from 7.2% in June.
In US, stocks closed modestly higher Friday, with the Dow Jones Industrial Average erasing its losses for the year to date and the S&P 500 and Nasdaq indexes carving out fresh record closes.
The Dow Jones industrial average jumped 161.60 points, or 0.6 percent, to settle at 28,653.87, which put the blue-chip index in positive territory for the year and pulled it within a few percentage points of the all-time high set in February. Walmart and Coca-Cola led the way for the Dow, rising 2.7% and 3.3%, respectively.
The S&P 500 rose 23.46 points, or 0.7%, to close at 3,508.01. It was the index's first-ever close above 3,500. Tech and energy were the best-performing sectors in the S&P 500, gaining 1.1% and 1.9%, respectively. The Nasdaq Composite advanced 70.30 points, 0.6%, to 11,695.63.
On the data front, U.S. consumer spending rose 1.9% in July, the Commerce Department said. Personal income was also stronger than expected, rising 0.4%. The final reading of the University of Michigan's August consumer sentiment index came in at 74.1 versus a preliminary reading of 72.8 and up from 72.5 in July.
Domestic markets:
Back home, domestic equity benchmarks ended with significant gains on Friday after the US Federal Reserve said it might keep interest rates low even if inflation rises, in a major overhaul to its strategy. The barometer index, the S&P BSE Sensex, advanced 353.84 points or 0.90% at 39,467.31. The Nifty 50 index gained 88.35 points or 0.76% at 11,647.60.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,004.11 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 543.56 crore in the Indian equity market on 28 August, provisional data showed.
Powered by Capital Market - Live News