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Sensex, Nifty Likely To Open Higher Today

Sensex, Nifty Likely To Open Higher Today

Domestic stock markets are likely to start Wednesday's session on a positive note. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index - climbed up as much as 1.05 per cent (104.8 points) to touch 10,112.80 ahead of the opening of Indian markets. At 8:16 am, the SGX Nifty futures were up 79.00 points at 10,087.00. 

Asian equities slipped on Wednesday after most US stocks pared gains made during their recent rally, although the Nasdaq benchmark reached its second straight day at a record high as oil prices rose. Australian S&P/ASX 200 fell 0.4 per cent, Japan's Nikkei 225 index lost 0.8 per cent and South Korea's KOSPI slipped 0.3 per cent.

The S&P 500 and Dow fell on Tuesday, pausing after recent strong gains as focus shifted to the Federal Reserve, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time.

The Dow Jones fell 1.09 per cent and S&P 500 lost 0.78 per cent; Nasdaq Composite, however, added 0.29 per cent.

Meanwhile, oil prices fell on Wednesday as an industry report showed a rise in crude and fuel inventories in the United States, renewing concerns about oversupply and slumping fuel demand in the world's largest crude consumer.

Brent crude futures fell 57 cents, or 1.4 per cent, at $40.61 a barrel by 0055 GMT after gaining nearly 1 per cent on Tuesday. West Texas Intermediate (WTI) futures declined 68 cents, or 1.8 per cent, to $38.26 a barrel, having risen about 2 per cent in the previous session.

On Tuesday, the Sensex had declined 414 points or 1.2 per cent to end at 33,956.69 and the Nifty 50 index dropped 121 points or 1.2 per cent to settle at 10,046.65.