The domestic stock markets are expected to start the day in the green, following positive global cues on upbeat US data and hopes for stimulus-backed economic rebound. The trends on SGX Nifty also indicate a positive opening for the index in India. t 7.45 am, the Nifty futures were trading at 10,309, higher by 62 points or 0.6 per cent on the Singapore Stock Exchange.
Asian markets poised to follow Wall Street’s firm lead on Tuesday as the sentiment boost from upbeat US data outweighed the threat of rising Cocvid-19 infections in the world’s largest economy.
The Australian S&P/ASX 200 futures rose 1.15 per cent, while Japan’s Nikkei 225 futures ticked up 0.11 per cent and Hong Kong’s Hang Seng index futures climbed 0.62 per cent.
Wall Street stocks closed higher on Monday and the S&P 500 was poised to clinch its biggest quarterly percentage gain since 1998 as investors hoped for a stimulus-backed economic rebound, while a surge in Boeing shares helped boost the blue-chip Dow.
The Dow Jones rose 2.32 per cent, S&P 500 gained 1.47 per cent and Nasdaq Composite added 1.2 per cent.
Meanwhile oil prices fell in early trade on Tuesday after weak Japanese industrial production data, not usually a market-moving factor, was enough to jangle trader nerves over a bumpy recovery in fuel demand as coronavirus pandemic restrictions ease.
US West Texas Intermediate (WTI) crude futures briefly traded higher before falling 38 cents, or 1 per cent, to $39.32 a barrel by 0038 GMT, after climbing 3 per cent on Monday. Brent crude futures for September fell 32 cents, or 0.8 per cent to $41.53 a barrel, paring Monday’s 92-cent gain.
The Sensex had ended 210 points lower at 34,961.52 and Nifty fell 71 points to close at 10,31 in Monday’s session.