Stocks may open on firm note

Elroy Mariano

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 72 points at the opening bell. Global markets: Overseas, Asian stocks are trading higher as investors turn cautious ahead of a U.S. Presidential debate and as coronavirus cases spike again in […]

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 72 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher as investors turn cautious ahead of a U.S. Presidential debate and as coronavirus cases spike again in a blow to global economic recovery hopes.

Investor focus will next be on the first debate between U.S. President Donald Trump and rival Joe Biden on Tuesday ahead of the November election.

In US, stock indexes closed higher after a choppy session Friday, as tech shares clawed back some of their big September declines. The Dow Jones Industrial Average closed 358.52 points higher, or 1.3%, at 27,173.96. The S&P 500 climbed 1.6% to 3,298.46. The Nasdaq Composite popped 2.26% to 10,913.56.

Shares of Amazon rose 2.5% and Facebook gained 2.1%. Apple advanced 3.8% and Microsoft climbed 2.3%. Netflix closed 2.1% higher. Novavax shares jumped nearly 11% after the company said Thursday it has started a final-stage study of its experimental COVID-19 vaccine in the U.K.

Cruise operators also contributed to Friday’s gains. Carnival Corp, Norwegian Cruise Line and Royal Caribbean were up 9.7%, 13.7% and 7.7%, respectively.

Meanwhile, House Democrats are reportedly preparing a $2.4 trillion relief package that they could vote on as soon as next week. The bill would include enhanced unemployment benefits and aid to airlines, but the overall price tag remains well above what Republican leaders have said they are willing to spend.

Domestic markets:

Back home, the domestic equity benchmarks surged on Friday amid value buying after a recent selloff. The Nifty managed to regain the 11,000 mark as banks and IT shares bounced. The barometer index, the S&P BSE Sensex, jumped 835.06 points or 2.28% at 37,388.66. The Nifty 50 index surged 244.70 points or 2.26% at 11,050.25. The 50-unit index tumbled 6.89% in the previous six sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,080.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,070.63 crore in the Indian equity market on 25 September, provisional data showed.

Source: Capitalmarket.com

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