Sensex, Nifty Likely To Open Lower

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent to 643.1 points, Japan's Nikkei added 0.1 per cent and Australian shares climbed 0.8 per cent

Sensex, Nifty Likely To Open Lower

At 7:30 am, the Nifty futures were trading lower by 0.37 per cent on Singapore Stock Exchange

The domestic stock markets are likely to have a tepid start to the week, a day after closing at record highs, going by indications from SGX Nifty futures trading. Trends on SGX Nifty indicate a negative opening for the index in India, with a 42-point loss. At 7:30 am, the Nifty futures were trading at 13,284, lower by 42 points or 0.37 per cent on the Singapore Stock Exchange.

A gauge of Asian shares hit a record peak on Monday on hopes of a much-needed U.S. stimulus package before year-end just as coronavirus vaccines roll out, while oil prices hovered near their highest since March.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent to 643.1 points, on track for its fifth straight session of gains. Japan's Nikkei added 0.1 per cent, while Australian shares climbed 0.8 per cent.

Wall Street's main indexes rose to all-time high on Friday as data showing the slowest U.S. jobs growth in six months raised investors' expectations for a new fiscal relief bill to help revive the coronavirus-hit economy.

The Dow Jones rose 0.83 per cent, the S&P 500 gained 32.40 points and Nasdaq Composite added 0.7 per cent.

Meanwhile, oil prices fell on Monday as a continued surge in coronavirus globally forced a series of renewed lockdowns, including strict new measures in Southern California.

Brent crude oil futures were down 16 cents, or 0.3 per cent, at $49.09 a barrel by 0117 GMT, while West Texas Intermediate oil futures fell 19 cents, or 0.4 per cent, to $46.07 a barrel. Both benchmarks gained for a fifth consecutive week last week.

The benchmark indices had ended at record closing highs on Friday; the BSE Sensex rose 446.90 points or 1 per cent to 45,079.55 and Nifty50 jumped 124.60 points or 0.95 per cent to 13,258.50.