Sensex, Nifty Likely To Have A Cautious Start
The domestic stock markets are likely to open on a cautious note, despite the positive global cues, going by the early trading on SGX Nifty futures. Trends on SGX Nifty indicate a flat opening for the index in India, with a 9 point loss. At 7:30 am, the Nifty futures were trading at 11,540, lower by 9 points, on the Singapore Stock Exchange.
Finance Minister Nirmala Sitharaman will chair the 41st Goods and Services Tax (GST) Council meeting, which will begin at 11 am through video conferencing.
Asian stocks will likely climb on Thursday after the S&P 500 and Nasdaq rallied to fresh records on upbeat corporate results, while the dollar eased a day before the US Federal Reserve possibly sets a new course on inflation.
Australian S&P/ASX 200 futures rose 0.25 per cent in early trading. Japan's Nikkei 225 futures fell 0.04 per cent, while the Nikkei 225 index closed the overnight session down 0.03 per cent at 23,290.86. Hong Kong's Hang Seng index futures were up 0.12 per cent.
US stocks surged on Wednesday, pushing the S&P 500 to its fourth straight record closing high, as investors stayed focused on largecap momentum stocks that have outperformed since the onset of the coronavirus pandemic.
The Dow Jones rose 0.3 per cent, S&P 500 gained 1.02 per cent and Nasdaq Composite added 1.73 per cent.
Meanwhile, oil prices were mixed in early trade on Thursday even as oil rigs and refineries shut ahead of a massive storm in the Gulf of Mexico racing towards Texas and Louisiana, with slim worries about the impact on supply as oil stockpiles remain high.
U.S. West Texas Intermediate (WTI) crude futures fell 5 cents, or 0.1 per cent, to $43.34 a barrel at 0014 GMT, reversing a 4 cent gain on Wednesday. Brent crude futures inched up 2 cents to $45.66 a barrel after falling 22 cents, or 0.5 per cent, on Wednesday.
On Wednesday, the BSE Sensex had closed 230 points, or 0.59 per cent, higher at 39,073.92 and the Nifty had settled 77 points, or 0.67 per cent, higher at 11,549.6.
