Sensex, Nifty Likely To Have A Cautious Start

The domestic Indian stock markets are expected to open flat, with a positive bias, this morning after the gains of the past five trading sessions. The Asian markets are trading mixed, following a further rise in coronavirus cases, and trends on SGX Nifty indicate mild gains of 27 points on the Nifty at the start of trade. At 8 am, the Nifty futures were trading at 10,787, higher by 27 points or 0.2 per cent, on the Singapore Stock Exchange.

Asian stocks were set for a mixed opening on July 8, as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery, leading some investors to cash in on recent gains ahead of the earnings season.

Australian S&P/ASX 200 futures lost 0.50 per cent in early trading, while Japan's Nikkei 225 futures added 0.11 per cent, and Hong Kong's Hang Seng index futures rose 0.39 per cent.

US stocks fell on July 7, adding to losses into the close, as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as coronavirus cases rose further.

The Dow Jones fell 1.51 per cent, the S&P 500 lost 1.08 per cent and Nasdaq Composite dropped 0.86 per cent.

Meanwhile, oil prices eased in early trade as industry data showing a build in US crude stockpiles and a forecast for US crude output to fall less than anticipated in 2020 added to worries about oversupply.

Brent crude futures fell 13 cents, or 0.3 per cent, to $42.95 a barrel by 0019 GMT. US West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.3 per cent, to $40.52 a barrel.

The S&P BSE Sensex and NSE Nifty 50 indexes rose for the fifth day in a row on Tuesday, with the Sensex advancing 187 points or 0.5 per cent to close at 36,675 and Nifty climbing 36 points to end the session at 10,800.