The markets are likely to extend their gains of the previous session, at opening bell, on the back of enthusing cues from the global front. The Dow Jones had a stellar session overnight on the back of the buzz surrounding the $2 trillion stimulus package and the Asian markets are also looking up in early trading. The Singapore Exchange (SGX) futures - an early indicator of the National Stock Exchange (NSE) Nifty index - spiked as much as 304.05 points to 8,945.50 ahead of the opening of Indian markets before giving up more than half of those gains. At 8:30 am, the SGX Nifty was up 107.80 points - or 1.25 per cent - at 8,749.25.
Overnight, the Dow Jones had a strong session as record weekly U.S. jobless claims came in below investors' worst fears and the focus stayed on an unprecedented $2 trillion stimulus awaiting approval by the U.S. House of Representatives. The US Senate on Wednesday unanimously passed the $2 trillion bill aimed at hand-holding the unemployed workers and industries impacted by the coronavirus epidemic.
The Dow Jones jumped 6.38 per cent to end at 22,552.17, S&P 500 surged 6.24 per cent to 2,630.07 and Nasdaq Composite added 5.6 per cent to 7,797.54.
Asian stocks rose on Friday as investors concluded that policymakers will roll out additional stimulus measures to combat the coronavirus pandemic after US unemployment filings surged to a record. MSCIs broadest index of Asia-Pacific shares outside Japan rose 1.0 per cent and Japan's Nikkei stock index rose 3.65 per cent.
Meanwhile, the G-20 leaders pledged on Thursday to inject over $5 trillion into the global economy to deal with the impact of coronavirus. "The G20 is committed to do whatever it takes to overcome the pandemic," they said.
The Sensex had ended 1,411 points or 5 per cent higher at 29,946.77 and the NSE Nifty 50 index climbed 3.89 per cent or 324 points to close at 8,641 on Thursday after the Finance Minister Nirmala Sitharaman announced a relief package of Rs 1.7 lakh crore under the 'Prime Minister Gareeb Kalyan Scheme' to help the economically weaker sections to tide over the added challenge of lockdown and job loss arising from the coronavirus outbreak.
Reserve Bank of India (RBI) Governor Shaktikanta Das will address the media on Covid-19 pandemic at 10:00 am.