Shares poised for firm start

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 49 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday as a coronavirus vaccine rollout commenced in the U.K., fueling some of the optimism among investors.

Japan's core machinery orders rebounded sharply in October from the previous month's drop, the government said on Wednesday. Core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, soared 17.1% in October, recouping the previous month's 4.4% drop.

 

The U.K. administered the first Covid-19 vaccines to the public on Tuesday, making it one of the first countries in the world to do so. The Pfizer-BioNTech shots gained emergency approval from the U.K. drug regulator last week and will be given first to front-line health workers, nursing home workers and those over age 80.

In US, stocks rose to fresh all-time highs on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future.

Traders are also closely watching negotiations in the U.S. for additional fiscal stimulus as coronavirus infection cases in the country continue to rise.

Domestic markets:

Back home, domestic indices ended with modest gains after hitting record high levels on Tuesday. Gains were capped due to negative global shares on fresh concerns about a surge in Covid-19 infections. The barometer index, the S&P BSE Sensex, gained 181.54 points or 0.40% at 45,608.51. The Nifty 50 index gained 37.20 points or 0.28% to 13,392.95. Both the indices attained record closing high levels.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,909.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,640.93 crore in the Indian equity market on 8 December, provisional data showed.

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