Domestic stock markets are likely to start Wednesday's session on a positive note, following four days of gains and ahead of the start of a three-day review of the Monetary Policy Committee. The Singapore Exchange (SGX) Nifty futures - an early indicator of the benchmark National Stock Exchange (NSE) Nifty 50 index - rose 43.2 points to touch 11,715.50 at the strongest level recorded on Wednesday, ahead of the opening of Indian markets. At 8:10 am, the SGX Nifty futures were up 28.20 per cent - or 0.24 per cent - at 11,700.50. (Track Sensex, Nifty)
Equities in other Asian markets dropped, led by major airlines, after US President Donald Trump said his administration would abandon talks with congressional Democrats over proposals to spend at least $1.6 trillion in additional coronavirus relief funds.
A key component was a new $25-billion bailout for US passenger airlines to keep tens of thousands of workers on the job for another six months. A prior $25-billion airline payroll support program expired on September 30.
Mr Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for his pandemic-hit country with the US presidential election only weeks away.
Price were also pressured by data from the American Petroleum Institute showing US crude oil stocks rose by 951,000 barrels last week - more than expected.
On Tuesday, the Sensex had ended 600.87 points - or 1.54 per cent - higher at 39,574.57, and the Nifty at 11,662.40, up 159.05 points - or 1.38 per cent - from its previous close. Those were the highest closing levels for both indices since late February.