Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 7.50 points at the opening bell, backed by positive global cues.
Overseas, Asian shares were trading higher after China and the United States agreed to hold their first trade talks since June, next week and as the Turkish lira extended gains from its record low earlier this week.
US stocks rallied to close higher Thursday, on strong corporate earnings from Walmart Inc. and Cisco Systems Inc. News that the US and China are prepared to resume trade talks next week also bolstered investors' sentiment.
On the data front, initial jobless claims, a measure of layoffs in the US, fell in early August and returned near a post-recession low. New claims declined by 2,000 to 212,000 in the seven days from August 5 to August 11. The Philadelphia Fed manufacturing index sank to a 21-month low of 11.9 in August. Construction of new houses increased by less than 1% in July, reflecting a recent slowdown in building that is likely tied to higher mortgage rates and growing shortages of skilled craftsmen.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 825.08 crore yesterday, 16 August 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 133.78 crore yesterday, 16 August 2018, as per provisional data.
Domestic shares registered modest losses yesterday, 16 August 2018, due to selling pressure in index pivotals. The barometer index, the S&P BSE Sensex, lost 188.44 points or 0.50% to settle at 37,663.56. The Nifty 50 index lost 50.05 points or 0.44% to settle at 11,385.05.
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