Market poised for slightly lower start

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

India's exports declined by 12.41% to $21.91 billion in June mainly due to drop in shipments of petroleum, textiles, engineering goods, and gems and jewellery items. Imports too plunged 47.59% to $21.11 billion in June, leaving a trade surplus of $0.79 billion, compared to a deficit of $15.28 billion in the same month of the last year, according to the data released by the Commerce and Industry Ministry on Wednesday.

Overseas, Asian stocks are trading higher as optimism over a coronavirus vaccine carry weight over the ongoing spread of the disease and simmering U.S.-China tensions.

In US, stocks ended sharply higher on Wednesday, following promising early data for a potential COVID-19 vaccine and a strong quarterly report from Goldman Sachs.

Moderna Inc rallied after a small-scale study showed its experimental COVID-19 vaccine produced high levels of virus-killing antibodies. Goldman Sachs rose after it said its trading revenue doubled in the second quarter, driven by big swings in stock and bond markets since March.

The Federal Reserve's Beige Book survey showed U.S. businesses saw an uptick in activity into the beginning of July as states eased restrictions to contain the novel coronavirus pandemic.

However, the United States has failed to control the coronavirus and there is a high level of uncertainty over how much the pandemic will affect the economy, Philadelphia Federal Reserve Bank President Patrick Harker said.

Meanwhile, OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a bigger-than-expected drawdown from the country's crude stocks.

Back home, key equity barometers ended near the flat line with some positive bias on Wednesday. The barometer S&P BSE Sensex rose 18.75 points or 0.05% at 36,051.81. The Nifty 50 index rose 10.85 points or 0.10% at 10,618.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 221.70 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 899.37 crore in the Indian equity market on 15 July, provisional data showed.

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