Sensex, Nifty Likely To Open Higher

The country is in the fifth phase of a nationwide lockdown to curb the spread of the coronavirus pandemic, which has pushed the economy into a standstill.

Sensex, Nifty Likely To Open Higher

At 8:06 am, the SGX Nifty futures were up 32.25 points - or 0.33 per cent - at 9,808.75.

Domestic stock markets are likely to start Tuesday's session on a positive note, extending recent gains to a fifth straight day, amid strength in Asian equities. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty 50 index - added 113.25 points to touch 9,889.75 at the strongest level recorded ahead of the opening of Indian markets. At 8:06 am, the SGX Nifty futures were up 32.25 points - or 0.33 per cent - at 9,808.75.

The country is in the fifth phase of a nationwide lockdown to curb the spread of the coronavirus pandemic, which has affected economic activity and hampered businesses forcing them to trim workforce. 

Asian stocks were set to come under pressure on Tuesday following a dip in Wall Street futures as U.S. President Donald Trump vowed to use force to end violent protests in American cities, souring a previously upbeat market mood.

Japan's Nikkei 225 futures lost 0.34 per cent. Australian S&P/ASX 200 futures rose 0.15 per cent in early trading.

US stocks posted gains on Monday as signs of US economic recovery helped offset jitters over increasingly violent social unrest amid an ongoing pandemic and rising US-China tensions.

The Dow Jones Industrial Average rose 0.36 per cent, the S&P 500 gained 0.38 per cent and the Nasdaq Composite added 0.66 per cent.

Meanwhile, oil prices rose in early trade on Tuesday, with traders waiting to see whether major crude producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week.

Brent crude futures rose 0.3 per cent, or 12 cents, to $38.44 a barrel as of 0011 GMT. U.S. West Texas Intermediate (WTI) crude futures traded in a 38 cent range on either side of Monday's close, and last traded up 0.3 per cent, or 9 cents, at $35.53 a barrel.

In the Cabinet meeting held on June 1, the government raised the turnover limit for medium enterprises to Rs 250 crore and approved changes to the definition of micro, small and medium enterprises.

On Monday, the S&P BSE Sensex had ended 879.42 points - or 2.71 per cent - higher at 33,303.52, and the broader NSE Nifty 50 settled at 9,826.15, up 245.85 points - or 2.57 per cent - from its previous close.