The domestic stock markets are likely to open in the negative, after extending a record-breaking rally for the third straight session on Monday, going by indications from SGX Nifty trading. Trends on SGX Nifty indicate a negative opening for the index in India, with a loss of 48 points. At 8:00 am, the Nifty futures were trading at 13,406, lower by 48.50 points or 0.36 per cent on the Singapore Stock Exchange.
Asian stocks came under pressure in early trade on Tuesday as investors struggled to balance hopes for more economic stimulus and vaccines with anxiety over the growing number of COVID-19 cases.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.13 per cent in early trade. Australia's S&P/ASX 200 inched up 0.09 per cent in while Japan's Nikkei 225 fell 0.63 per cent. Hong Kong's Hang Seng index futures were up 0.31 per cent.
The Nasdaq closed at a record high on Monday after investors moved into mega-cap growth stocks even as a new round of COVID-19 restrictions underscored the continuing economic impact of the pandemic on the United States.
The Dow Jones Industrial Average fell 0.5 per cent and the S&P 500 lost 0.17 per cent; the Nasdaq Composite, however, added 0.45 per cent.
Meanwhile, oil prices fell around 1 per cent on Monday as surging coronavirus cases and heightened tensions between the United States and China undermined the positive impact from an OPEC+ deal on production.
Brent crude fell 46 cents, or 0.9 per cent, to settle at $48.79 a barrel. U.S. crude fell 50 cents, or 1.1 per cent, to settle at $45.76 a barrel.
On Monday, the BSE Sensex had closed 347 points, or 0.77 per cent, higher at 45,426.97 and NSE Nifty had ended 97 points, or 0.73 per cent, higher at 13,355.75.
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