Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 67 points at the opening bell.
Overseas, Asia shares were reading higher on Friday on the back of Wall Street gains and comments from US President Donald Trump indicating potential progress in his trade negotiations with China.
US stocks rallied to close higher Thursday, with the S&P 500 gaining for its third straight session for the first time in six weeks, on cautious optimism that US-China trade tensions could ease in the near term.
Stocks added modestly to their gains after President Donald Trump, in a Thursday morning tweet, hinted at progress in early trade talks with China. The president also said in his morning tweet that trade discussions are moving along nicely and meetings between the two leaders at the upcoming G-20 summit are being scheduled.
On the US data front, the ISM manufacturing index fell to a six-month low of 57.7%. Respondents cited rising costs as a concern. The IHS Markit final US Manufacturing Purchasing Managers' Index printed at 55.7 for October, up slightly from 55.6 in September. A reading of at least 50 indicates improving conditions.
Nonfarm productivity growth grew at a 2.1% annualized rate in the third quarter. Unit labor costs rose by 1.2%.
The number of newly unemployed Americans seeking jobless benefits fell in the seven days ended 27 October to 212,000.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 348.75 crore on 1 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 509.17 crore on 1 November 2018, as per provisional data.
Key equity indices settled with minor losses on 1 November 2018, after seeing wild swings either ways. The barometer index, the S&P BSE Sensex, fell 10.08 points or 0.03% to settle at 34,431.97. The Nifty 50 index fell 6.15 points or 0.06% to settle at 10,380.45.