Sensex, Nifty Likely To Open Higher Amid Cautious Gains In Global Markets

Domestic stock markets are likely to start Friday's session on a positive note amid cautious gains in Asian peers, a day after Prime Minister Narendra Modi announced an economic taskforce to fight the coronavirus outbreak. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index - rose as much as 54.85 points to touch 8,260.75 ahead of the opening of Indian markets. At 8:10 am, the SGX Nifty futures were up 39.60 points - or 0.48 per cent - at 8,245.50.

Asian markets are also trading higher today. MSCI's broadest index of Asia-Pacific shares outside Japan firmed up 0.6 per cent, while Australia's beleaguered market rose 2.9 per cent.

US stocks managed to post gains on Thursday after recent steep losses as policymakers around the world took further emergency actions to try to help financial markets cope with deep coronavirus-driven economic damage. The Dow Jones Industrial Average rose 188.27 points, or 0.95 per cent, to 20,087.19, the S&P 500 gained 11.29 points, or 0.47 per cent, to 2,409.39 and the Nasdaq Composite added 160.73 points, or 2.3 per cent, to 7,150.58.

US crude oil prices spiked by 25 per cent in their largest single-day gain on record, while the S&P 500 energy index rose 6.8 per cent, leading gains among S&P 500 sectors.

Prime Minister Narendra Modi while addressing the nation on the fast-spreading coronavirus said that a COVID-19 Economic Response Task Force will be set up under the leadership of Finance Minister Nirmala Sitharaman to deal with the economic fall-out of the coronavirus pandemic.

Mr Modi announced a junta curfew between 7 am and 9 pm on Sunday, so as to minimize the possibility of crowding and thereby promote social distancing, which is currently the most effective means of arresting the spread of COVID-19.

Meanwhile, the market regulator Sebi announced a one-month extension to companies for filing their earnings for financial year 2019-20.

The Sensex ended a volatile Thursday session 581.28 points - or 2.01 per cent - lower at 28,288.23 whereas the Nifty settled at 8,263.45, down 205.35 points - or 2.42 per cent. The S&P BSE Sensex index and the broader NSE Nifty 50 benchmark declined for four sessions in a row, with the Sensex falling 17.05 per cent and Nifty shaving off 16.99 per cent in the 4-day period till Thursday.