The domestic stock market are likely to open in the green in line with positive cues from Asian markets and early indications from SGX Nifty futuews trading. Trends on SGX Nifty indicate a positive opening for the index in India, with a 53-points gain. At 7:30 am, the Nifty futures were trading at 15,170, higher by 53 points or 0.45 per cent on the Singapore Stcok Exchange.
Asian stocks inched higher on Wednesday, as upbeat Wall Street earnings and optimism about a global recovery supported sentiment, although concerns about the sustainability of a recent risk rally are likely to cap gains.
The Australian S&P/ASX 200 Index was last up 0.5 per cent and e-mini futures for the S&P 500 rose 0.14 per cent. Japan’s Nikkei 225 slipped 0.31 per cent.
MSCI’s gauge of global stocks and the Nasdaq extended their runs to fresh highs on Tuesday, and oil prices pushed their rally into a seventh straight session as strong earnings and economic recovery prospects buoyed investor sentiment.
The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.
The Nasdaq Composite added 20.06 points, or 0.14 per cent to 14,007.70. But the Dow Jones Industrial Average fell 9.93 points, or 0.03 per cent, to 31,375.83 and the S&P 500 lost 4.36 points, or 0.11 per cent, to 3,911.23
Meanwhile, oil prices rose again on Wednesday, extending their more than week-long rally after industry data showing a fall in U.S. crude oil stocks added to optimism about an expected rise in global fuel demand.
Brent crude was up by 11 cents, or 0.2 per cent at $61.20 by 0110 GMT after rising nearly 1 per cent on Tuesday, when it touched a 13-month high. U.S. crude added 2 cents to $58.28.
On Tuesday, the S&P BSE Sensex fell 19.69 points to 51,329.08 post a more-than-10 per cent rally witnessed in the previous six consecutive sessions and Nifty declined 6.50 points to 15,109.30.