Sensex, Nifty Likely To Have A Cautious Start Amid COVID-19 CrisisPage Visited: 16
The domestic stock markets are likely to open mildly in the green, following cautious global cues. Trends on SGX Nifty indicate a positive opening for the index in India, with a 14 points gain. At 7:30 am, the Nifty futures were trading at 11,468, higher by 14 points or 0.1 per cent, on the Singapore Stock Exchange.
Asian shares looked set to open lower on Tuesday as investors shifted focus to upcoming data and central bank meetings although positive developments around potential COVID-19 vaccines and increased deal activity are likely to stem losses.
Australia’s S&P/ASX 200 futures were down 0.22 per cent and Hong Kong’s Hang Seng index futures lost 0.08 per cent, while Japan’s Nikkei 225 futures were flat.
Overnight, the U.S. stocks ended sharply higher as signs of progress in developing a COVID-19 vaccine and a spurt of multibillion-dollar deals lifted investor optimism.
The Dow Jones rose 1.18 per cent, the S&P 500 gained 1.27 per cent and Nasdaq Composite added 1.87 per cent.
On the economy front, consumer inflation in the country came in at 6.69 per cent in August, a notch lower compared to 6.73 per cent in the previous month and slightly better than economists’ estimates, government data showed on Monday.
Meanwhile, oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses.
Brent crude was down 3 cents, or 0.1 per cent, at $39.58 a barrel by 0102 GMT, reversing earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down 2 cents, or 0.1 per cent, at $37.24 a barrel.
The S&P BSE Sensex and NSE Nifty 50 indexes snapped two days of gains on Monday as banking, financial services, energy, telecom and metal shares came under selling pressure. The Sensex ended 98 points or 0.25 per cent lower at 38,757 and Nifty 50 fell 24 points or 0.21 per cent to close at 11,440.