Sensex, Nifty Likely To Open Firm On Favourable Global Cues

At 7:30 am, the Nifty futures were trading higher by 0.7 per cent on Singapore Stock Exchange

The domestic stock markets are likely to open in the green, after a lacklustre closing on Friday, on the back of positive cues from the global front. Asian markets are poised for a positive start and trends on SGX Nifty indicate a positive opening for the index in India, with a 78-points gain. At 7:30 am, the Nifty futures were trading at 15,236, higher by 78 points or 0.7 per cent, on the Singapore Stock Exchange.

Asian shares advanced to record highs on Monday and oil rose to a more than one year peak as successful coronavirus vaccine roll-outs globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington.

Japan’s Nikkei climbed 1.3 per cent, despite data showing the country’s recovery from its worst postwar recession slowed in the fourth quarter. Australia’s benchmark index was up 1 per cent.

The S&P 500 and Nasdaq set record closing highs on Friday as investors bought energy, financial and materials shares and sold big tech stocks in anticipation of new fiscal aid from Washington to help the U.S. economy recover.

The Dow Jones Industrial Average rose 27.7 points, or 0.09 per cent, to 31,458.4, the S&P 500 gained 18.45 points, or 0.47 per cent, to 3,934.83 and the Nasdaq Composite added 69.70 points, or 0.5 per cent, to 14,095.47.

Meanwhile, oil prices rose to their highest in more than a year on Monday, after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions.

Brent crude was up 66 cents, or 1.1 per cent, at $63.09 a barrel at 0004 GMT, after climbing to a session high of $63.44, the highest since Jan. 22, 2020.

On Friday, the BSE Sensex was up 12.78 points at 51,544.30 and Nifty had declined 10 points to 15,163.30.