Sensex, Nifty Likely To Have A Cautious Start

The benchmark indices are likely to have a cautious start to the day, post the six-day rally witnessed till Wednesday's session. The markets had ended at 3-month highs in the previous session and the Nifty had settled above the 10,000 mark for the first time since March. At 8.15 am, the Nifty futures on the Singapore Stock Exchange were trading 18.50 points or 0.18 per cent lower at 10,149.50.

On the Asian front, stronger appetite for riskier assets is set to lift Asian equities on Thursday, as government stimulus expectations support investor confidence in an economic recovery from the coronavirus. E-mini futures for the S&P 500 were up 0.05 per cent and Australian S&P/ASX 200 futures rose 1.23 per cent in early trading. Japan's Nikkei futures rose 1.1 per cent.

Overnight, the Dow Jones Industrial Average rose 2.05 per cent, the S&P 500 gained 1.36 per cent and Nasdaq Composite added 0.78 per cent.

Meanwhile, oil prices fell on Thursday, reversing gains in the previous session, on concerns that supply will rise if major producers are unable to agree to extend the depth of output cuts that have supported recent gains. Brent crude futures fell 1 per cent, or 41 cents, to $39.38 a barrel. US WTI crude futures fell 1.6 per cent, or 61 cents, to $36.68 a barrel.

On Wednesday, the S&P BSE Sensex index had ended 284.01 points - or 0.84 per cent - higher at 34,109.54, and the broader NSE Nifty 50 benchmark settled at 10,061.55, up 82.45 points - or 0.83 per cent - from its previous close - their highest closing levels recorded since March 11.