Sensex, Nifty Likely To Open Higher Today

Domestic stock markets are likely to start Tuesday's session on a positive note amid gains in global peers where equities rose to record highs on optimism about the US-China trade deal. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index in India - rose 40 points to as high as 12,397.50 ahead of the opening of Indian markets. At 8:30 am, the SGX Nifty was up 22.00 points - or 0.18 per cent - at 12,379.50. 

Official data after market hours on Monday showed consumer inflation - gauged by the Consumer Price Index (CPI) - stood at 7.35 per cent in December, the worst level recorded since August 2014. The data dashed hopes of further monetary easing by the central bank in its next bi-monthly review due in February. 

Equities in other Asian markets rose as signs of goodwill between the US and China supported optimism for global growth, with the world's two biggest economies preparing to formalise a trade-war truce.

MSCI's world shares gauge hit a fresh all-time high, while MSCI's broadest index of Asia-Pacific shares outside Japan drifted higher.

Japan's Nikkei added 0.8 per cent and hit its highest level recorded in a month.

The US Treasury Department on Monday said China should no longer be designated a currency manipulator - a label it applied as the yuan slid in August. China, meanwhile, has allowed the tightly managed currency to climb to its highest point since July.

The moves come as a high-level Chinese delegation arrived in Washington ahead of Wednesday's signing of the Phase 1 trade agreement, a step toward de-escalating a prolonged dispute that has hurt the world economy.

On Monday, the S&P BSE Sensex and the NSE Nifty benchmark indices registered new record closing highs. The Sensex ended 259.97 points - or 0.62 per cent - higher at 41,859.69 whereas the Nifty settled at 12,329.55, up 72.75 points - or 0.59 per cent - from its previous close.