Sensex, Nifty Likely To Have A Subdued Opening

The domestic stock markets are likely to have a subdued start, following cautious cues from the Asian bourses and listless trading on SGX Nifty futures. Trends on SGX Nifty indicate a flat opening, with a positive bias, for the index in India with a 15 points gain. At 7:30 am, the Nifty futures were trading at 11,495, higher by 15 points or 0.1 per cent, on the Singapore Stock Exchange.

Asian stock were set for a choppy session on Wednesday, following a mixed Wall Street lead as markets cheered signs of progress in US-Sino trade negotiations but remained cautious about the broader economic outlook.

Australian S&P/ASX 200 futures were down 0.55 per cent, while Japan's Nikkei 225 futures were up 0.09 per cent. Hong Kong's Hang Seng index futures were up 0.1 per cent.

The S&P 500 and the Nasdaq hit all-time closing highs on Tuesday, but a drop in Apple stock capped gains from positive developments in U.S.-China trade and fresh progress in the medical battle against the coronavirus pandemic.

The Dow Jones fell 0.21 per cent, while the S&P 500 gained 0.36 per cent and Nasdaq Composite added 0.76 per cent.

Meanwhile, crude oil prices rose to a five-month high on Tuesday as U.S. producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases in Asia and Europe capped gains.

Brent futures rose 73 cents, or 1.6 per cent, to settle at $45.86 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 73 cents, or 1.7 per cent, to settle at $43.35.

The benchmark indices had a flat opening on Tuesday, with the Sensex closing 45 points higher at 38,843.88 and Nifty settling 6 points higher at 11,472.25.