Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 4 points at the opening bell.
Trading could be volatile as traders roll over positions in the F&O segment from the near month August series to September series. The August 2020 F&O contracts expire today, 27 August 2020.
GST Council meeting:
The Goods and Services Tax (GST) Council will hold its 41st meeting today, 27 August 2020 to discuss the single-point agenda of compensation to states for revenue losses under the indirect tax regime. The meeting will be held via video conferencing. Several options including expanding the ambit of compensation cess, market borrowing to fund compensation deficit along with a future plan for rate rationalisation beginning from correction of inverted duty structure for some items are expected to be discussed in the meeting.
Global markets:
Overseas, Asian stocks are trading higher on Thursday after the S&P 500 and Nasdaq rallied to fresh records on upbeat corporate results.
More From This Section
Profits at China's industrial firms grew 19.6% year-on-year to 589.5 billion yuan ($85.58 billion), the statistics bureau said on Thursday. It follows an 11.5% gain in June and the third straight month of profit growth in this year.
In US, stocks surged on Wednesday, pushing the S&P 500 to its fourth straight record closing high, as investors stayed focused on largecap momentum stocks that have outperformed since the onset of the coronavirus pandemic.
Fed Chairman Jerome Powell will speak Thursday during a virtual version of the Fed's annual Jackson Hole, Wyoming, conference. He is expected to outline what could be the central bank's most active efforts ever to spur inflation back to a healthy level.
Domestic markets:
Back home, the benchmark indices ended with decent gains on Wednesday, supported by private banks and auto stocks. The Nifty managed to close near 11,550 mark. The barometer index, the S&P BSE Sensex, rose 230.04 points or 0.59% at 39,073.92. The Nifty 50 index added 77.35 points or 0.67% at 11,549.60. It has risen 2.10% in four sessions.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,581.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,194.62 crore in the Indian equity market on 26 August, provisional data showed.
Powered by Capital Market - Live News