Trends on SGX Nifty indicate a gap-up opening for the indices. The Nifty futures were trading at 15,830 on the Singaporean Exchange. The indices could open higher, in line with largely positive Asian markets today and mildly positive US markets on Monday.
Deepak Jasani, Head of Retail Research, HDFC Securities, said, Indian benchmark equity indices ended flat after a higher opening on July 12. At close, the Nifty was up 2.80 points or 0.02 percent at 15692.60.
Asian shares climbed in early trade on Tuesday after Wall Street hit record highs overnight, as investors awaited the second-quarter earnings season and a batch of economic data, including key US inflation figures later in the day.
The Nikkei 225 in Japan gained 0.75 percent in morning trade while the Topix index advanced 0.72 percent. South Korea's Kospi climbed 0.6 percent.
Wall Street's main indexes rose on Monday with the Nasdaq and the S&P 500 hitting record highs as investors awaited the start of the second-quarter earnings season and a batch of economic data to gauge the next leg of the quity market.
Dow Jones Industrial Average was up 67.40 points or 0.19 percent at 34,937.56, the S&P 500 was up 8.20 points or 0.19 percent at 4,377.75 and the Nasdaq Composite was up 10.22 points or 0.07 percent at 14,712.14.
The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome Powell beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.
Consumer Price Index-based inflation (CPI) for the month of June rose 6.26 percent, as food prices hardened further, and transportation costs rose due to higher petrol and diesel prices.
The June print is slightly lower than 6.30 percent for May, which was the highest in six months. June is the second consecutive month when headline retail inflation is above the Monetary Policy Committee's inflation targeting range of 4 (+/-2) percent.
India’s industrial output continued to moderate in May (11 month low) led by the impact of the second wave of Covid infections. The Index of Industrial Production fell 8% in May over the previous month as localised lockdowns curtailed activity. Over a year ago, when a nationwide lockdown was in place, industrial output was higher by 23.9% (vs 32% forecast). Manufacturing, Mining and Electricity sectors underperformed.