Sensex, Nifty Likely To Open Higher, Tracking Global Equities

The markets are likely to open in the green, continuing their gains of the five previous trading sessions, on the back of positive cues from the global front.

Sensex, Nifty Likely To Open Higher, Tracking Global Equities

The Nifty futures were trading at 10,076, higher by 0.9 per cent,on SingaporeStock Exchange.

The markets are likely to open in the green, continuing their gains of the five previous trading sessions, on the back of positive cues from the global front. Trends on SGX Nifty indicate a gap-up opening for the index in India, with gains of 97 points. The Nifty futures were trading at 10,076, higher by 97 points or 0.9 per cent, on the Singapore Stock Exchange around 07:30 am. The Asian markets were also looking up this morning, taking off from the overnight gains on Wall Street.

Asian stocks were poised to follow the global rally on Wednesday as hopes of more government stimulus bolstered riskier assets and overshadowed a host of other worries from the coronavirus to Hong Kong and growing U.S. civil unrest.

Japan's Nikkei 225 futures were 1.6 per cent higher in Asia on Wednesday morning, while Australian S&P/ASX 200 futures rose 0.58 per cent in early trading.

A late-session rally pushed Wall Street to solid gains on Tuesday as market participants looked past widespread social unrest and pandemic worries to focus instead on easing lockdown restrictions and signs of economic recovery.

Overnight, the Dow Jones Industrial Average rose 1.05 per cent, the S&P 500 gained 0.82 per cent and Nasdaq Composite added 0.59 per cent.

Meanwhile, oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic.

Brent crude was up 22 cents, or 0.6 per cent, at $39.79, by 0003 GMT, the highest since March 6, having gained 3.3 per cent on Tuesday. U.S. West Texas Intermediate crude (WTI) gained 33 cents, or 0.9 per cent, at $37.14, also the highest since March 6. The contract ended the previous session up 3.9 per cent.

The World Bank said on Tuesday that it expects the coronavirus and resulting recessions to leave "lasting scars" on developing and emerging market countries, with the worst damage on oil exporters and those suffering financial crises.

The Sensex had closed with a gain of 522 points or 1.57 per cent at 33,825.53 and the Nifty had ended 153 points or 1.56 per cent higher at 9,979.10, on Tuesday.