Sensex, Nifty Likely To Have A Positive Opening

The domestic stock markets are likely to open in the green, post the 2 per cent fall witnessed in the previous session, going by early indications from SGX Nifty trading. Trends on SGX Nifty indicate a positive opening for the index in India, with a 35 points gain. At 7:30 m, the Nifty futures were trading at 11,279, higher by 35 points or 0.3 per cent on the Singapore Stock Exchange.

Asian shares opened weaker on Tuesday on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks.

In Asia-Pacific, Australia's S&P/ASX 200 declined 0.5 per cent and South Korea's Kospi fell 0.9 per cent. Japan is closed for a public holiday. Hong Kong's Hang Seng index futures were down 0.36 per cent.

Wall Street's main indexes tumbled on Monday as concerns about new lockdowns in Europe and possible delays in fresh stimulus from Congress raised fears the U.S. economy faces a longer road to recovery than previously hoped for.

The Dow Jones fell 2 per cent, S&P 500 lost 1.28 per cent and Nasdaq Composite dropped 0.22 per cent.

On the IPO front, retail broking house Angel Broking will open its maiden public issue for subscription.

Meanwhile, oil prices plunged about 5 per cent on Monday, weakening as rising coronavirus cases stoked worries about global demand, and a potential return of Libyan production bolstered oversupply fears.

Brent crude settled down $1.71, or 3.96 per cent at $41.44 a barrel. U.S. crude fell $1.80, or 4.38 per cent to $39.31 a barrel. Both contracts were set for their biggest daily drops in two weeks.

On Monday, the benchmark indices had shaved off more than 2 per cent as traders worried about renewed rise in coronavirus cases and possibility of fresh lockdowns in many countries, including Europe. The Sensex fell 811.68 points, or 2.09 per cent, to 38,034.14, while the Nifty plunged 254.50 points, or 2.21 per cent, to 11,250.50.