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Market may open higher Back
(07:59, 29 Oct 2018)

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 53 points at the opening bell.

Overseas, Asia markets were mixed Monday. Investors will likely follow the latest geopolitical developments around the world.

In Brazil, far-right candidate Jair Bolsonaro was declared the next president of Latin America's biggest country. Reports said that with 96% of ballots counted, Bolsonaro has 55.5% of the votes.

Meanwhile in Germany, Chancellor Angela Merkel's junior coalition partners gave her conservative Christian Democrats until next year to deliver more policy results, threatening to end their alliance if there is no improvement. Both parties suffered in a regional election on Sunday.

US stocks closed lower Friday with the S&P 500 and the Dow Jones Industrial Average turning red for the year in the wake of disappointing results from a handful of mega-cap companies.

Investors were wary ahead of the weekend amid persistent worries about slowing global growth, rising interest rates and concerns that companies have seen peak earnings growth. Trade worries were also simmering after US officials reportedly said talks with China won't resume until Beijing comes up with solid proposals over forced technology transfers and other economic issues.

On the data front, the Commerce Department reported that the US economy grew 3.5% in the third quarter. Second-quarter growth held at 4.2%. Meanwhile, the University of Michigan's consumer sentiment index came in at 98.6.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1356.66 crore on 26 October 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1875.89 crore on 26 October 2018, as per provisional data.

Key benchmark indices dropped sharply on 26 October 2018 due to weak global stocks. The barometer index, the S&P BSE Sensex, lost 340.78 points or 1.01% to settle at 33,349.31. The Nifty 50 index lost 94.90 points or 0.94% to settle at 10,030. Intraday volatility was high. Weak global stocks weighed adversely on the domestic bourses. The Nifty settled at its lowest level in over seven months.

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