SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 119 points at the opening bell.

Meanwhile, the Drugs Controller General of India (DCGI) on January 3 reportedly granted restricted emergency use authorisation for the Serum Institute of India (SII)'s 'Covishield' and Bharat Biotech's 'Covaxin' vaccines against COVID-19, the disease caused by the novel coronavirus. The 'Covishield' vaccine, developed by University of Oxford and pharmaceutical giant AstraZeneca, is being produced in the country by the Serum Institute. Bharat Biotech has developed 'Covaxin' - India's first indigenous vaccine against COVID-19.

Global markets:

Overseas, Asian stocks are trading mixed on Monday as the first trading day of 2021 kicked off.

A private survey released Monday showed Chinese manufacturing activity expanding in December, with the Caixin/Markit manufacturing Purchasing Managers' Index (PMI) for the month coming in at 53.0. That compared against November's reading of 54.9. The 50-level in PMI readings separates expansion from contraction.

The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 50.0 in December from the previous month's 49.0 and a preliminary 49.7 reading.

Investors are cautiously watching runoff elections in Georgia for two U.S. Senate seats on Tuesday that will determine which party controls the Senate.

Domestic markets:

Back home, domestic shares clocked modest gains on the first day of the calendar year 2021. The barometer index, the S&P BSE Sensex, gained 117.65 points or 0.25% to 47,868.98. The Nifty 50 index added 36.75 points or 0.26% to 14,018.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 506.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 69.40 crore in the Indian equity market on 1 January, provisional data showed.

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