Sensex, Nifty Set To Have A Firm Opening

At 7:30 am, the Nifty futures were trading higher by 0.47 per cent on Singapore Stock Exchange
At 7:30 am, the Nifty futures were trading higher by 0.47 per cent on Singapore Stock Exchange

The domestic stock markets are likely to open in the green, continuing with the Budget rally witnessed in the past two trading sessions, going by indications from SGX Nifty futures trading. Trends on SGX Nifty indicate a positive opening for the index in India, with a 50-points gain. At 7:30 am, the Nifty futures were trading at 14,777, higher by 50 points or 0.47 per cent on the Singapore Stock Exchange.

Asian markets moved higher during early trading as governments around the world looked poised to boost spending to help economies recover from the coronavirus and vaccine roll-out programs accelerated.

Japan's Nikkei rose 0.3 per cent in early trade and Australian S&P/ASX 200 index added 0.8 per cent. Hong Kong's Hang Seng futures lost 0.20 per cent.

Overnight, US stocks finished sharply higher for a second straight day on Tuesday, helped by gains in and Google-parent Alphabet ahead of their results and by optimism over progress on a US pandemic relief package.

The Dow Jones Industrial Average rose 475.57 points, or 1.57 per cent, to 30,687.48, the S&P 500 gained 52.45 points, or 1.39 per cent, to 3,826.31 and Nasdaq Composite added 209.38 points, or 1.56 per cent, to 13,612.78.

Meanwhile, oil prices rose 2 per cent on Tuesday, reaching their highest in 12 months after major producers showed they were reining in output roughly in line with commitments. Brent crude settled up $1.11, or 2 per cent, at $57.46 a barrel, its third straight day of gains. During the session, it touched $58.05, the highest since January last year.

On Tuesday, the S&P BSE Sensex had rallied 1,197.11 points or 2.46 per cent to 49,797.72 and NSE Nifty had climbed 366.70 points or 2.57 per cent to 14,647.90.