Domestic stock markets are likely to start Thursday’s session on a lower note despite gains in global peers. The Singapore Exchange (SGX) Nifty futures – an early indicator of the National Stock Exchange (NSE) Nifty 50 benchmark index – declined 81.2 points to 9,004.80 at the weakest level ahead of the opening of Indian markets. At 8:36 am, the SGX Nifty futures were down 28.75 points – or 0.32 per cent – at 9,057.25.
Equities elsewhere in Asia registered mild gains after global equities and crude prices rallied overnight on hopes of a rapid economic recovery and government support.
MSCI’s broadest index of Asia Pacific shares outside Japan was last seen trading 0.18 per cent higher. Though Japan’s Nikkei 225 index was down 0.05 per cent at the time, China’s Shanghai Composite, Hong Kong’s Hang Seng and South Korea’s KOSPI benchmarks were up 0.20 per cent, 0.05 per cent and 0.37 per cent respectively.
Wall Street notched its fourth gain in five sessions on Wednesday as investors again bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve.
The S&P 500 stands at a two-month high and was briefly above its 100-day moving average, a closely watched technical indicator that has acted as a resistance level. The Nasdaq finished at its highest close in three months and was less than 5 per cent below record levels, as shares of Facebook Inc and Amazon.com Inc surged to all-time highs.
Meanwhile, oil prices edged higher on Thursday after data showed U.S. crude inventories fell again, easing concern about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains.
Reliance Industries’ rights issue is likely to be in the limelight today, post the stellar debut on Wednesday. The share price of Reliance Industries-Rights Entitlement (RIL-RE) had surged 39.6 per cent to settle at day’s high of Rs 212 on National Stock Exchange in the previous session.
Last Friday, the S&P BSE Sensex index had ended 622.44 points – or 2.06 per cent – higher at 30,818.61 and the broader NSE Nifty 50 benchmark at 9,066.55, up 187.45 points or 2.11 per cent compared to the previous close, as the markets extended gains to a second straight day.
Source By NDTV