Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell.
Goods and Services tax (GST) collection for the month of August stood at Rs 86,449 crore, slightly less than Rs 87,422 crore collected in July, the government said on September 1. GST collection for the month of August last year stood at Rs 98,202 crore.
Global markets:
Overseas, Asian stocks are trading mostly higher encouraged by buoyant U.S. moves that followed stronger-than-expected manufacturing indicators.
In US, the S&P500 and the Nasdaq hit new highs on Tuesday with technology leading the charge as Apple, Zoom Video soared, and on the macro front, better-than-expected data on US manufacturing sector data gave optimism about economic recovery.
The US Trade Representative's office said on September 1 it has reportedly extended China tariff exclusions for a wide range of goods, including smart watches and certain medical masks, through the end of 2020, rather than renewing the previous one-year extension. In a Federal Register notice, USTR said the extensions were applied to products excluded from its 7.5% "Section 301" tariffs imposed a year ago on some $300 billion worth of Chinese goods a year ago amid tense trade talks between the world's two largest economies. The products included a number of Bluetooth and wearable data-transmitting devices, such as those imported from China by Apple Inc, FitBit, Sonos and other technology companies.
Domestic markets:
Back home, benchmark indices ended with modest gains on Tuesday, rebounding from previous session's selloff. The barometer index, the S&P BSE Sensex, gained 272.51 points or 0.71% at 38,900.80. The Nifty 50 index rose 82.75 points or 0.73% at 11,470.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 486.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 775.23 crore in the Indian equity market on 1 September, provisional data showed.
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