Sensex, Nifty Likely To Have A Subdued Opening
The domestic stock markets are likely to open flat, after two succesive days of gains, going by indications from SGX Nifty futures. Trends on SGX Nifty indicate a flat opening for the index in India. At 7:30 am, the Nifty futures were trading virtually unchanged at 12,953 on the Singapore Stock Exchange.
Asian stocks opened higher on Tuesday as COVID-19 vaccine progress shored up global sentiment and U.S. President-elect Joe Biden was given the go-ahead to begin his White House transition.
S&P 500 was up 0.52 per cent in early Asian trade, while Japan's Nikkei was 1.8 per cent higher and Australia's S&P/ASX 200 1.11 per cent stronger.
U.S. stocks closed higher in a choppy session on Monday as hopes for a COVID-19 vaccine lifted economically sensitive sectors such as energy and industrials, but a pullback in megacap shares curbed gains on the S&P 500 and Nasdaq.
The Dow Jones Industrial Average rose 1.12 per cent and the S&P 500 gained 0.56 per cent, while the Nasdaq Composite added only 0.22 per cent, underperforming as traders rotated away from big tech names.
Meanwhile, oil prices held gains on Tuesday as news of a third promising vaccine candidate spurred hopes of a quick recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his presidential transition.
Brent crude futures rose 3 cents, or 0.1 per cent, to $46.09 a barrel by 0113 GMT, while U.S. West Texas Intermediate crude added 11 cents, or 0.3 per cent, to $43.17 a barrel. Both benchmarks settled up about 2 per cent on Monday after gaining about 5 per cent last week.
The S&P BSE Sensex and NSE Nifty 50 indexes rose for second straight session on Monday led by gains in information technology, pharma and metal stocks. The Sensex advanced 195 points to close at 44,077 and Nifty 50 index rose 67 points to settle at 12,926.
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