Sensex, Nifty May Head Higher On Positive Global Cues

The benchmark indices are likely to open in the green, post the almost-6 per cent fall in the previous session, as a late tech-led rally in Wall Street led to a firm opening In Asian markets and SGX Nifty trading indicated a positive start for the bourses back home. The Nifty futures were trading at 9,385, higher by 99 points, on the Singapore Stock Exchange around 7:30 am.

On the Asian front, the Australian S&P/ASX 200 futures were up 0.32 per cent and Hong Kong's Hang Seng index futures rose 0.24 per cent. Japan and mainland China markets are closed for public holidays.

Overnight, the US stocks ended higher as increases in large tech and internet companies and oil price gains outweighed concerns about the latest US-China tensions and downbeat sentiment from the annual meeting of Warren Buffett's Berkshire Hathaway. The Dow Jones Industrial Average rose 0.11 per cent, the S&P 500 gained 0.42 per cent and Nasdaq Composite added 1.23 per cent.

Meanwhile, oil prices climbed in early trade on Tuesday, adding to gains in the previous session, on expectations that fuel demand will begin to pick up as some US states and nations in Europe and Asia start to ease coronavirus lockdown measures. Brent crude futures hit a high of $28.37 a barrel in early trade and were up 4.1%, or $1.12 cents, at $28.32. Brent is up for a sixth straight day. West Texas Intermediate (WTI) crude futures rose as much as 8.2 per cent to a three-week high of $22.06 and were up 7.6 per cent or $1.55, at $21.94.

The S&P BSE Sensex had ended 2,002.27 points - or 5.94 per cent - lower at 31,715.35, whereas NSE Nifty 50 had settled at 9,293.50, down 566.40 points - or 5.74 per cent on Monday