Domestic equity markets are likely to open on a strong note on Monday, as indicated by the SGX Nifty futures traded on the Singapore Exchange. Ahead of the opening of the capital markets in India, the SGX Nifty futures were last seen trading 74.50 points - or 0.69 per cent - higher at 10,904.00. The SGX Nifty is an early indicator of the National Stock Exchange (NSE) Nifty in India. The Sensex and Nifty had ended 0.63 per cent and 0.82 per cent higher on Friday, snapping a three-day losing streak ahead of the Finance Minister's press briefing.
Finance Minister Nirmala Sitharaman on Friday announced a slew of measures to revive the economy, which registered its lowest rate of growth in nearly five years in the March quarter and is struggling with lakhs of job cuts across sectors.
The Finance Minister said the government would withdraw higher taxes on foreign portfolio investors, as announced in the Budget, and also withdraw the surcharge on long- and short-term capital gains.
Ms Sitharaman also said the government will provide Rs. 70,000 crore worth of recapitalisation to public sector banks upfront, instead of spreading it throughout the year. (Read more)
Meanwhile, equities in other Asian markets sank as the latest salvo in the US-China trade war shook confidence in the world economy.
MSCI's broadest index of Asia-Pacific shares outside Japan still shed 2.0 per cent, and Australia 1.5 per cent.
Japan's Nikkei lost 2.3 per cent, while Shanghai blue chips fell 1.2 per cent.
E-Mini futures for the S&P 500 eased 0.8 per cent, and EUROSTOXX 50 futures 1.1 per cent.
Wall Street nosedived on Friday when US President Donald Trump announced a 5 per cent additional duty on $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US products.
(With inputs from Reuters)
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