Market may open higher

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell.

Overseas, Asian stocks are mostly trading higher following a surge in the U.S. markets overnight as tech stocks rallied.

Japan's wholesale prices fell at a smaller annual pace in July. The corporate goods price index (CGPI), which measures the price companies charge each other for their goods, fell 0.9% in July from a year earlier, Bank of Japan data showed on Thursday.

In US, stocks rose sharply on Wednesday, putting the S&P 500 just below its all-time high set in February, as shares of the major tech companies recovered some of their steep losses from the previous session.

Sentiment was also lifted in part by President Donald Trump saying late Tuesday that the U.S. government will purchase 100 million doses of Moderna's experimental coronavirus vaccine, which is currently in late-stage human trials.

Traders seemed to shrug off uncertainty over a second coronavirus stimulus bill. On Wednesday, House Speaker Nancy Pelosi said both sides were still miles apart on relief negotiations.

Treasury Secretary Steven Mnuchin said Monday the White House is open to resuming coronavirus aid talks with Democrats and putting more relief money on the table to reach a compromise.

The US economic recovery will be slow until the coronavirus is under control, and Americans will have to manage life with the virus for at least the next several months, three Federal Reserve policymakers said on Wednesday. Consumer spending will probably remain weak as people avoid activities that require high levels of social interaction for health reasons.

Back home, domestic equity benchmarks corrected on Wednesday, snapping their recent rising streak. The profit selling was triggered following weak macroeconomic data and concerns over rising coronavirus cases. The barometer index, the S&P BSE Sensex fell 37.38 points or 0.10% at 38,369.63. The Nifty 50 index declined 14.10 points or 0.12% at 11,308.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 351.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 939.67 crore in the Indian equity market on 12 August 2020, provisional data showed.

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