Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 15 points at the opening bell.
Overseas, Asian stocks were trading mixed Tuesday, as investors weighed the tariff truce between the U.S. and China and the potential for a trade deal. US President Donald Trump reportedly said Monday that renewed talks have already begun, and added that any deal has to be better for us than for them.
U.S. stocks ended higher on Monday led by gains in technology stocks on optimism for progress in U.S.-China trade talks and signs of a likely reprieve for Chinese telecom company Huawei.
U.S. manufacturing showed surprising strength in June, however, with the IHS-Markit purchasing-manager's index rising to 50.6 in June, from 50.1 in May. Separately the Institute for Supply Management's (ISM) index showed the sector slowing from 52.1% in May to 51.7% in June.
Meanwhile, OPEC agreed on Monday to extend oil supply cuts until March 2020 as the group's members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production.
Back home,key equity benchmarks snapped two-day losing streak yesterday, 1 July 2019 and ended with strong gains, mirroring positive global stocks. Global shares rallied after US President Donald Trump and Chinese President Xi Jinping agreed to hold off on additional tariffs in a bid to reignite trade talks. The barometer index, the S&P BSE Sensex, rose 291.86 points or 0.74% to 39,686.50. The Nifty 50 index rose 76.75 points or 0.65% to 11,865.60.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 426.53 crore yesterday, 1 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 50.99 crore yesterday, 1 July 2019, as per provisional data.
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