Market poised for rally in early trade on firm global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 207 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Thursday after a better-than-expected inflation report in the US sent stocks spiraling higher. Japan's market is closed for a holiday Thursday.

Wall Street equities rallied after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected.

The US consumer price index rose by 8.5% year on year in July, a slower annual increase compared with June, as inflationary pressures eased on the back of lower petrol prices. The Consumer Price Index (CPI) was flat last month after advancing 1.3% in June, the Labor Department said on Wednesday.

Domestic markets:

Back home, the benchmark indices settled near the flat line after a lacklustre session on Wednesday. The barometer index, the S&P BSE Sensex, slipped 35.78 points or 0.06% to 58,817.29. The Nifty 50 index rose 9.65 points or 0.06% to 17,534.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,061.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 768.45 crore in the Indian equity market on 10 August, provisional data showed.

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