Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 27.50 points at the opening bell.
Investors are awaiting the outcome of a three-day central bank policy meeting that ends later today. The resolution of the Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) will be placed on the RBI website at 11:45 IST.
Overseas, stocks in Asia traded mixed on Thursday, while US-China trade hopes are up as negotiations are set to continue.
US stocks closed lower Wednesday, with the S&P 500 snapping a five-day winning streak, after President Donald Trump's State of the Union address offered few details on his economic agenda. The president, however, insisted China commit to real, structural economic reforms before a trade deal can be reached.
On the data front, US manufacturing productivity rose 1.3% in the fourth quarter, up from 1.1% growth in the third quarter, the Labor Department reported. The US trade deficit in November fell to $49.3 billion, below the October level of $55.5 billion in October.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 694.97 crore on 6 February 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 525.26 crore on 6 February 2019, as per provisional data.
Domestic stocks rose for a fifth straight session on Wednesday, 6 February 2019, led by gains in Reliance Industries, ICICI Bank and Infosys. The barometer index, the S&P BSE Sensex, rose 358.42 points or 0.98% to settle at 36,975.23. The Nifty 50 index rose 128.10 points or 1.17% to settle at 11,062.45.
On the economic front, the Union Cabinet chaired by the Prime Minister Narendra Modi has approved establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India through International Financial Services Centres Authority Bill, 2019. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat.
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