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Strong global cues may lift domestic shares
(09 Jan 2019, 08:14)

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 81.50 points at the opening bell on strong global cues.

Overseas, Asian shares rose on Wednesday, as investors remained cautiously optimistic Beijing and Washington could move forward on a trade deal. Investors will be watching out for developments on the US-China trade front after negotiations between the world's two largest economies extended into an unscheduled third day.

US stocks closed higher for a third straight session Tuesday as optimism over US-China trade talks bolstered sentiment.

On the US data front, small-business optimism fell in December, according to the National Federation of Independent Business small-business optimism index, which decreased 0.4 points to a seasonally adjusted level of 104.4, its lowest in 14 months.

The number of new job openings fell to its lowest level since June, at 6.89 million, down from 7.13 million in October, the Labor Department reported Tuesday.

The Census Bureau was scheduled to release data on the trade deficit Tuesday morning, but the release was delayed due to the government shutdown.

Oil prices also extended gains on hopes of progress in the trade talks. In the global commodities markets, Brent crude oil futures rose $1.39 a barrel or 2.42% to settle at $58.72 a barrel during the previous trading session.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 553.78 crore on 8 January 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 698.17 crore on 8 January 2019, as per provisional data.

Meanwhile, India's GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment growth. The World Bank said India will continue to be the fastest growing major economy in the world.

Key equity indices extended gains for third straight trading session led by gains in index pivotals. The barometer index, the S&P BSE Sensex, rose 130.77 points or 0.36% to settle at 35,980.93. The Nifty 50 index rose 30.35 points or 0.28% to settle at 10,802.15.

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