This Article is From Aug 31, 2020

Sensex, Nifty Likely To Have A Firm Opening

Asian shares notched a fresh two-year high on Monday as investors wagered monetary and fiscal policies globally would stay super stimulatory for a protracted period.

Sensex, Nifty Likely To Have A Firm Opening

At 7:30 am, the Nifty futures were trading higher by 0.5 per cent on Singapore Stock Exchange.

The domestic stock markets are likely to open in the green following strong Asian cues and positive indications from early trading in SGX Nifty. Trends on SGX Nifty indicate a positive opening for the index, in India with a 52 points gain. At 7:30 am, the Nifty futures were trading at 11,742, higher by 52 points or 0.5 per cent on the Singapore Stock Exchange.

Meanwhile, the Central Statistical Organization will release the GDP data for the June quarter later in the evening.

Asian shares notched a fresh two-year high on Monday as investors wagered monetary and fiscal policies globally would stay super stimulatory for a protracted period, keeping the safe-haven dollar on the defensive.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 per cent to reach its highest since June 2018, extending a 2.8 per cent rise last week. Nikkei rallied 1.4 per cent aided by news Warren Buffett's Berkshire Hathaway had bought more than 5 per cent stakes in each of the five leading Japanese trading companies.

Wall Street advanced on Friday, with technology stocks driving the S&P 500 to its sixth record closing high since confirming a bull market on August 18. The Nasdaq also set an all-time closing high and the blue-chip Dow is now in positive territory year-to-date.

The Dow Jones rose 0.56 per cent, the S&P 500 gained 0.67 per cent and Nasdaq Composite added 0.6 per cent.

Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market.

Brent crude futures for November climbed 27 cents, or 0.6 per cent, to $46.08 a barrel by 0038 GMT, while U.S. West Texas Intermediate crude was at $43.11 a barrel, up 14 cents, or 0.3 per cent.

The benchmark indices had ended at six-month highs on Friday, led by gains in banking shares. The BSE Sensex had ended 354 points or 0.9 per cent higher at 39,467 and Nifty had climbed 0.76 per cent or 88 points to close at 11,648.