Sensex, Nifty Likely To Have A Gap-Up Opening

The domestic stock markets are likely to have a gap-up opening due to favourable global cues. Trends on SGX Nifty indicate a gap-up opening for the index in India, with a 107-points gain. At 7:30 am, the Nifty futures were trading at 14,975, higher by 107 points or 0.97 per cent, on the Singapore Stock Exchange.

Stocks rose on Monday amid speculation that interest rates will remain low for an extended period due to the receding risk of a rapid acceleration in inflation, while oil prices jumped after a cyber attack on a U.S. pipeline operator unnerved markets. Futures for Japan's Nikkei rose 0.03 per cent.

The Dow and S&P 500 hit record closing highs on Friday and the Nasdaq recovered after U.S. jobs data eased concerns over prospects for rising rates. The Dow rose 0.66 per cent, S&P 500 gained 0.74 per cent and the Nasdaq Composite added 0.88 per cent.

Crude prices climbed more than 1 per cent on Monday after a major cyber attack that forced the shutdown of critical fuel supply pipelines in the United States, highlighting the fragility of oil infrastructure.

Brent crude was up by 76 cents, or 1.1 per cent, at $$69.04 a barrel by 0039 GMT, having risen by l.5 per cent last week. U.S. West Texas Intermediate futures rose by 70 cents, or 1.1 per cent, at $65.60 a barrel.

On Friday, the BSE Sensex climbed 256.71 points to 49,206.47 and the Nifty was up 98.40 points at 14,823.20.