Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 116 points at the opening bell.
Overseas, most Asian stocks were trading higher. Investors continue to monitor for developments on the trade war after US Treasury Secretary Steven Mnuchin reportedly said US-China trade talks will resume in early October.
U.S. stocks closed mixed, but largely unchanged Monday after investors weighed downbeat data on eurozone manufacturing activity with news that Chinese officials played down the significance of last week's cancellation of visits to U.S. farm states.
In eurozone, manufacturing activity contracted more sharply in September, posting its worst reading in nearly seven years. The flash eurozone manufacturing purchasing managers index (PMI) fell to 45.6 in September, down from 47 in August.
Back home,domestic shares extended previous session's rally on Monday triggered by the government's move to slash corporate tax rates for domestic companies. The surprise decision by the government is seen boosting corporate earnings significantly. The barometer index, the S&P BSE Sensex, rose 1,075.41 points or 2.83% to 39,090.03, its highest close since 5 July 2019. The Nifty 50 index was up 329.20 points or 2.92% to 11,603.40, its highest close since 17 July 2019.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 2684.05 crore yesterday, 23 September 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 291.95 crore yesterday, 23 September 2019, as per provisional data.
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