SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 161 points at the opening bell.
On the political front, after the end of third and final phase of Bihar election on November 7, the results will be declared on November 10. The market will closely watch results as exit polls reportedly indicated that the Tejashwi Yadav-led Mahagathbandhan could get a majority in the Bihar election with maximum 191 seats, while the Chief Minister Nitish Kumar-led National Democratic Alliance (NDA) may get maximum 91 seats. Most of the exit polls predicted RJD to again emerge as the single largest party.
Global markets:
Overseas, Asian stocks are trading higher on Monday morning as investors reacted to Democrat Joe Biden's defeat of incumbent Donald Trump in the U.S. presidential race.
In US, stocks closed mostly lower Friday, ending a four-day winning streak as investors looked for clarity around the presidential and congressional election results.
Democrat Joe Biden defeated incumbent Donald Trump in the U.S. presidential race to become president elect. Kamala Harris will become the first female, Black and Indian-origin vice-president of the United States. Biden and Kamala will be sworn in to their new offices on January 20, 2021, taking over from incumbent Republicans Donald Trump and Mike Pence.
The Labor Department on Friday said the U.S. economy added 638,000 jobs in October from a revised 672,000 jobs in September. The Labor Department also said the unemployment rate dropped to 6.9% in October from 7.9% in September.
Domestic markets:
Back home, domestic equity benchmarks rallied for the fifth straight session on Friday. Strength in index heavyweight Reliance Industries and HDFC twins boosted the indices higher. Banks shares were in demand while pharma shares corrected. The barometer index, the S&P BSE Sensex, spurted 552.90 points or 1.34% at 41,893.06. The Nifty 50 index rose 143.25 points or 1.18% at 12,263.55.
Foreign portfolio investors (FPIs) bought shares worth Rs 4,869.87 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,938.66 crore in the Indian equity market on 6 November, provisional data showed.
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