Domestic stock markets are likely to start Tuesday’s session on a positive note amid a rebound in global equities. The Singapore Exchange (SGX) Nifty futures – an early indicator of the National Stock Exchange (NSE) Nifty 50 index – added 208.7 points to touch 10,025.80 at the strongest level in early Asian trade ahead of the opening of Indian markets. At 8:18 am, the SGX Nifty futures were up 204.70 points – or 2.09 per cent – at 10,021.80.
Asian stocks were set to follow a late Wall Street surge on Tuesday, after the Federal Reserve’s fresh move to support financial markets through the coronavirus pandemic cheered investors.
Wall Street had closed higher on Monday following an announcement by the U.S. Federal Reserve regarding its corporate bond purchasing program that boosted investor confidence, which had been wavering amid a spike in new Covid-19 cases.
The Dow Jones ended 0.62 per cent higher, the S&P 500 gained 0.83 per cent, and the Nasdaq Composite added 1.43 per cent.
Meanwhile, oil prices dipped on Tuesday on jitters that a rise in coronavirus infections around the world could hurt fuel demand, but hopes that production cuts could be extended kept declines in check.
Brent crude was down 14 cents, or 0.4 per cent, at $39.58 a barrel at 0027 GMT, having gained 2.6 per cent on Monday. US oil fell 24 cents, or 0.7 per cent, to $36.88 a barrel, after closing 2.4 per cent higher in the previous session.
On Tuesday, the S&P BSE Sensex index had ended 552.09 points – or 1.63 per cent – lower at 33,228.80, and the broader NSE Nifty 50 settled at 9,813.70, down 159.20 points – or 1.60 per cent – from its previous close.