At 7:30 am, the Nifty futures were trading higher by 1.2 per cent on the Singaporean Exchange.
The domestic stock markets are likely to rebound a day after nosediving three per cent, going by early indications from SGX Nifty trading. Trends on SGX Nifty indicate a positive start for the broader index in India, with a gain of 166 points. At 7:30 am, the Nifty futures were trading at 13,429, higher by 166 points or 1.2 per cent on the Singaporean Exchange.
Asian shares slipped on Tuesday, extending a pullback from multi-year highs hit last week on renewed fears a highly infectious new strain of COVID-19 that shut down much of Britain could lead to a slower global economic recovery.
Australian S&P/ASX 200 widened losses to be down 0.67 per cent. Japan's Nikkei 225 slipped 0.85 per cent.
MSCI's gauge of Asia Pacific stocks outside Japan fell 0.21 per cent and China's benchmark CSI300 Index and Hang Seng Index both opened down 0.2 per cent.
Overnight, the US markets recovered from intra-day lows to end on a flat note. The Dow Jones rose 0.12 per cent, while the S&P 500 lost 0.39 per cent and Nasdaq Composite dropped 0.1 per cent.
Meanwhile, oil prices tumbled on Monday as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.
The domestic stock exchanges witnessed their worst single-day selloff in over seven months on Monday mirroring losses in European markets after the fast-spreading new strain of coronavirus was found to be 70 per cent more infectious that the earlier strains. The Sensex fell 1,407 points or 3 per cent to close at 45,554 and Nifty 50 index dropped 432 points or 3.14 per cent to close at 13,328 on the back of a broad-based selling pressure.