Domestic shares are likely to open higher amid positive global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell.
In overseas markets, Asian shares traded higher Tuesday as investors monitor further developments on the US-China trade front with the two economic powerhouses working toward a deal.
In the US market, the S&P 500 hit a record high on Monday as investors cheered strong earnings and progress on US-China trade. Microsoft shares contributed to Monday's gains on news the company won a $10 billion cloud contract from the Defense Department.
The Office of the U.S. Trade Representative said Monday that Washington will consider extending certain tariff exclusions on $34 billion worth of imports from China. The USTR said last week that China and the U.S. are close to finalizing a phase one deal.
U.S. President Donald Trump reportedly said the deal with China is expected to be signed 'ahead of schedule,' but did not elaborate on the timing. Chinese state-run news agency Xinhua also pointed to progress being made on trade.
Meanwhile, the US Federal Reserve begins its two-day policy meeting today, 29 October 2019 and interest rate decision will be announced on 30 October 2019. A third consecutive interest rate cut of 25 basis points is widely expected, as the central bank attempts to avert a slowdown that has gripped much of the developed world.
Closer home, the BSE and NSE conducted a special one-hour muhurat trading session on Sunday, 27 October 2019, between 6.15 pm and 7.15 pm to mark the beginning of the Hindu calendar year. Traders and investors traditionally make token purchases of stocks during the muhurat session.
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The domestic stock market entered Vikram Samvat 2076 on a positive note. The barometer index, the S&P BSE Sensex, rose 192.14 points or 0.49% at 39,250.20. The Nifty 50 index rose 44.10 points or 0.38% at 11,628.
In muhurat trading, foreign portfolio investors (FPIs) bought shares worth a net Rs 6.61 crore while domestic institutional investors (DIIs) purchased shares worth a net Rs 54.39 crore, as per provisional data released by the stock exchanges.
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