Sensex, Nifty Likely To Open Higher On Positive Global Cues

The domestic stock markets are likely to open in the green, following positive global cues. Wall Street ended in the green, early futures trading pointed towards a positive start across Asia and trends on SGX Nifty indicated a positive opening for the index in India, with a 57-points gain. At 7:30 am, the Nifty futures were trading at 14,772, higher by 57 points or 0.47 per cent, on the Singapore Stock Exchange.

Asian stocks were set to track Wall Street gains on Tuesday as bond yields pulled back, easing concerns about inflation although investors are keeping a close eye on rising COVID-19 cases in Europe.

Hong Kong's Hang Seng index futures rose 0.5 per cent, while Australian stocks were up 0.3 per cent. In Japan, Nikkei futures were 0.8 per cent higher. E-mini futures for the S&P 500 gained 0.06 per cent.

Overnight, Wall Street rallied as technology stocks rebounded from a recent sell-off sparked by surging bond yields, and Tesla jumped after a fund run by an influential investor in the electric-car maker said its shares could approach $3,000 by 2025.

The Dow Jones closed up 103.23 points, or 0.32 per cent, at 32,731.2. The S&P 500 gained 27.49 points, or 0.70 per cent, to 3,940.59 and the Nasdaq Composite added 162.31 points, or 1.23 per cent, to 13,377.54.

Meanwhile, oil steadied on Monday as hopes for a pick-up in demand later this year helped arrest last week's broad sell-off, but prices stayed under pressure as new European coronavirus lockdowns made a quick recovery look less likely.

Brent crude ended the session up 9 cents or 0.1 per cent at $64.62 a barrel, while U.S. oil for delivery in April fell 13 cents, or 0.2 per cent, to settle at $61.55 a barrel as it expired.

On Monday, the S&P BSE Sensex declined 86.95 points to end at 49,771.29 and Nifty fell 7.60 points to 14,736.40.