Sensex, Nifty Likely To Have A Weak Opening

At 7:30 am, the Nifty futures were trading lower by 0.76 per cent on Singapore Stock Exchange

The domestic stock markets are likely to open in the red, going by early clues from SGX Nifty futures trading. Trends on SGX Nifty indicate a negative opening for the index in India, with a 81-points loss. At 7:30 am, the Nifty futures were trading at 15,057, lower by 81 points or 0.76 per cent on the Singapore Stock Exchange.

Stocks were flat in early trading in Asia on Thursday as investors kept tapping the brakes on runs in asset prices after taking in tepid U.S. inflation data and comments from the Federal Reserve chief affirming the outlook for a slow recovery.

The Australian S&P/ASX 200 Index was last up 0.02 per cent, while e-mini futures for the S&P 500 edged up 0.05 per cent.

The S&P 500 and the Nasdaq edged slightly lower on Wednesday as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs.

The Dow Jones Industrial Average rose 61.97 points, or 0.2 per cent, to 31,437.8, the S&P 500 lost 1.35 points, or 0.03 per cent, to 3,909.88 and the Nasdaq Composite dropped 35.16 points, or 0.25 per cent, to 13,972.53.

Meanwhile, oil prices rose on Wednesday, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand.

Brent crude settled up 38 cents, or 0.6 per cent, at $61.47 a barrel, after touching a 13-month high of $61.61. U.S. crude closed 32 cents, or 0.6 per cent, higher at $58.68 a barrel, also after touching a 13-month high at $58.76.

On Wednesday, the S&P BSE Sensex had declined 19.69 points to 51,309.39 and Nifty had shed 2.80 points to 15,106.50.