Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 21 points at the opening bell.
Overseas, Asian shares were trading lower on Wednesday ahead of the outcome of the US Federal Reserve policy meeting. Also, there are signs that a Sino-U.S. first-stage trade deal could be delayed.
U.S. stocks ended with small losses on Tuesday as trade headlines and a spate of corporate earnings.
The US Federal Reserve began its two-day policy meeting yesterday, 29 October 2019 and interest rate decision will be announced today, 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.
Back home,domestic shares rallied on Tuesday on reports that the government is mulling over changes in income tax implications on equity investment. Optimism over US-China trade deal and the European Union extending Brexit deadline to 31 January 2020, also triggered buying. The barometer index, the BSE Sensex, jumped 581.64 points or 1.48% to 39,831.84. The Nifty 50 index also soared 159.70 points or 1.37% to 11,786.85.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 876.64 crore yesterday, 29 October 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 144.75 crore yesterday, 29 October 2019, as per provisional data.
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