Sensex, Nifty Likely To Open Higher Today

Oil surrendered hefty gains as some speculated Iran would be unlikely to strike against the US in a way that would disrupt supplies, and its own crude exports.

Sensex, Nifty Likely To Open Higher Today

Domestic stock markets are likely to open higher today amid gains in Asian peers, a day after plunging nearly 2 per cent on surging crude oil prices. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index in India - rose 71.5 points to as high as 12,120.00 ahead of the opening of Indian markets. At 8:44 am, the SGX Nifty futures were up 64.00 points - or 0.53 per cent - at 12,112.50.

Equities in other Asian markets rebounded as a day passed without any new escalation in the Middle East and Wall Street erased early losses to end in the black as tech stocks climbed. 

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.6 per cent, recouping almost all of Monday's losses. Japan's Nikkei rallied 1.3 per cent and Shanghai blue chips advanced 0.5 per cent. 

Shares had fallen sharply on Monday as Iran and the US traded threats after an US air strike killed a top Iranian commander. The mood calmed a little as the session passed with no new aggression.

Oil surrendered hefty gains as some speculated Iran would be unlikely to strike against the US in a way that would disrupt supplies, and its own crude exports. 

Brent crude futures - the global benchmark for crude oil - fell 54 cents to $68.37 a barrel, having been as high as $70.74 on Monday.

On Monday, the S&P BSE Sensex had ended 787.98 points - or 1.90 per cent - lower at 40,676.63 in its worst single-day drop in six months, and the broader NSE Nifty benchmark settled at 11,993.05, down 233.60 points - or 1.91 per cent - from the previous close. (Also read: Why Sensex, Nifty suffered their worst single-day loss in six months on Monday)

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