Sensex, Nifty Likely To Have A Mildly Positive Opening Amid COVID-19 CrisisPage Visited: 15
The domestic stock markets are likely to open in the green, following a positive close for the US market and positive indications from SGX Nifty. Trends on SGX Nifty indicate a positive opening for the index in India, with a gain of 17 points. At 7:30 am, the Nifty futures were trading at 11,328, higher by 17 points or 0.1 per cent, on the Singapore Stock Exchange.
Asian stocks were set for broad gains on Thursday after Wall Street’s S&P 500 index briefly touched record highs, as investors appeared to shrug off worries about stalled U.S. stimulus talks and a shaky economic recovery.
Australian S&P/ASX 200 futures rose 0.69 per cent in early trading, while New Zealand’s benchmark S&P/NZX 50 index gained about 0.4 per cent. Hong Kong’s Hang Seng index futures rose 0.42 per cent and Japan’s Nikkei 225 futures were flat.
Overnight, the S&P 500 jumped but finished just short of its February record closing high, in a broad rally led by tech-related stocks.
The Dow Jones rose 1.05 per cent, the S&P 500 gained 1.40 per cent and the Nasdaq Composite added 2.13 per cent.
Meanwhile, crude prices rose more than 2 per cent on Wednesday after government data showed US oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.
Brent crude settled up 93 cents, or 2.1 per cent, at $45.43 a barrel. West Texas Intermediate oil ended $1.06, or 2.6 per cent, higher at $42.67 a barrel, having dropped 0.8 per cent in the previous session.
On the corporate front, Eicher Motors, Bharat Petroleum Corporation, Hero MotoCorp and Tata Steel will announce their Q1 earnings during the day.
On August 12, the Sensex had closed 37 points or 0.1 per cent lower at 38,369.63 and the Nifty had ended with a loss of 14 points or 0.12 per cent at 11,308.40.