Sensex, Nifty Poised To Open Higher
The domestic markets are expected to have a gap-up opening, following global cues after a surprise recovery in US employment. The SGX Nifty indicates a gap-up opening for Indian indices with 82 per cent gain. At 7:15 am, the Nifty futures were up 81.50 points or 0.80 per cent at 10,245.50 on the Singapore Stock Exchange.
Asian shares advanced on Monday after a surprise recovery in US employment gave further confidence of a quick economic recovery after many weeks of lockdowns aimed at controlling the coronavirus pandemic.
Japan's Nikkei opened more than 1 per cent higher. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent in early trade, with South Korea's Kospi rising 1.4 per cent. The Australian share market was closed for a holiday.
Wall Street had surged on Friday after a strikingly upbeat May jobs report unexpectedly provided the clearest evidence yet that the US economy is headed for a quicker-than-anticipated recovery. The Nasdaq breached its all-time closing high reached in February but pared its gains to end the session just below it.
The Dow Jones rose 3.15 per cent, the S&P 500 gained 2.62 per cent and Nasdaq Composite added 2.06 per cent.
Meanwhile, oil prices rose more than 2 per cent early on Monday to their highest in three months after OPEC and its allies including Russia agreed to extend record oil production cuts until the end of July.
Brent crude climbed to as high as $43.41 a barrel and was trading at $43.32 by 0000 GMT, up $1.02, or 2.4 per cent, and US West Texas Intermediate (WTI) crude gained 83 cents, or 2.1 per cent, to $40.38 a barrel. Both hit their highest since March 6.
The Sensex had ended 306.54 points or 0.9 per cent higher at 34,287.24 and the Nifty 50 index advanced 113.05 points or 1.13 per cent to close at 10,142.15 on Friday. The Sensex was up 5.7 per cent, while the Nifty had gained 5.8 per cent for the week.
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