The benchmark indices are likely to open in the red this morning in line with the cues from the global market front. The Asian markets have opened on a weak note post the extended weekend and early SGX trading also suggests a negative opening for the Indian bourses.
Trends on SGX Nifty indicate a negative opening for the index back home. The Nifty futures were trading at 9,020, lower by 76 points, on the Singaporean Exchange.
Stocks in Asia traded lower as the Organization of the Petroleum Exporting Countries and its allies reached an agreement on a record oil production cut. Nikkei 225 slipped 1.04 per cent in early trade, while the Topix index dipped 0.94 per cent. South Korea’s Kospi also declined 0.63 per cent.
Wall Street rose for the third time in four days on Thursday as the U.S. Federal Reserve unleashed its latest program designed to buttress local governments and businesses crushed by moves to slow the coronavirus outbreak. The Dow Jones Industrial Average rose 191.56 points, or 0.82 per cent to 23,625.13, the S&P 500 gained 25.36 points, or 0.92 per cent, to 2,775.34 and Nasdaq Composite added 11.85 points, or 0.15 per cent, to 8,102.75.
Oil prices jumped more than $1 a barrel on Monday after major producers agreed on their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand. Brent crude futures rose $1.23, or 3.9 per cent, to $32.71 a barrel and US West Texas Intermediate crude futures were up $1.39, or 6.1 per cent, to $24.15 a barrel.
Meanwhile, the World Bank said on Sunday that India and other South Asian countries are likely to record their worst growth performance in four decades this year due to the coronavirus outbreak. The South Asian region, comprising eight countries, is likely to show economic growth of 1.8 per cent to 2.8 per cent this year, the World Bank said in its South Asia Economic Focus report.
The benchmark indices had climbed nearly 13 per cent in the week ended April 9 to mark their biggest weekly gain since May 2009. The markets were shut on Friday due to Good Friday.
Source By NDTV