Sensex, Nifty Likely To Open On A Positive Note
Domestic stock markets are likely to open in the green, following firmer Asian equities, an all-time high on S&P 500 and positive cues from the Singapore Exchange Nifty futures. Trends on the SGX Nifty indicate a positive opening for the 50-scrip index in India, with a 15-point gain. At 7:30 am, the Nifty futures on the Singapore Exchange traded 0.1 per cent higher at 11,427. Asian equities mostly moved higher on Wednesday after a strong Wall Street session in which the S&P 500 hit an all-time high, rebounding from huge losses caused by the coronavirus pandemic.
Australia's S&P/ASX 200 rose 0.1 per cent in early trade while South Korea's Kospi was up 1.0 per cent. Japan's Nikkei 225 slipped 0.2 per cent.
Overnight, the US markets had ended mixed; the Dow Jones fell 66.84 points, or 0.24 per cent, to 27,778.07, the Nasdaq Composite added 81.12 points, or 0.73 per cent, to 11,210.84, and the S&P 500, however, hit an all-time high, gaining 7.79 points, or 0.23 per cent, to 3,389.78.
Meanwhile, oil prices slid on Wednesday as concerns grew that US fuel demand may not recover quickly amid stalled talks on a post-coronavirus economic stimulus package, overshadowing a bigger-than-expected drawdown in US crude stocks.
Brent crude futures - the global benchmark for crude oil - was last seen trading 0.8 per cent lower at $45.08 per barrel, having edged up 9 cents on Tuesday. US West Texas Intermediate (WTI) crude futures were down 0.6 per cent at $42.64 per barrel.
Among stocks in the news, the Reliance Industries counter is likely to be in focus after subsidiary Reliance Retail bought a majority stake in online pharmacy Netmeds for Rs 620 crore.
On the corporate front, CSB Bank, Muthoot Finance and Ashapura Minechem are likely to announce their Q1 earnings during the day.
On Tuesday, the Sensex had climbed 477.54 points, or 1.26 per cent, to close at 38,528.32 and the Nifty jumped 138.3 points, or 1.23 per cent, to 11,385, extending gains to a second straight day.
