Domestic stock markets are likely to start Tuesday’s session on a positive note tracking gains in global equities. The Singapore Exchange (SGX) Nifty futures – an early indicator of the National Stock Exchange (NSE) Nifty index in India – rose as much as 121.25 points to touch 9,162.25 ahead of the opening of Indian markets. At 8:04 am, the SGX Nifty futures were up 101.75 points – or 1.13 per cent – at 9,142.75.
Asian shares crept ahead on Tuesday following an upbeat session in Europe and further gains in U.S. stock futures as investors looked past Sino-U.S. trade tensions to a re-opening world economy.
Japan’s Nikkei led the way with a rise of 1 per cent to its highest since early March when the economic impact of the coronavirus was just becoming clear. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1 per cent in early trade, while South Korea rose 0.4 per cent.
The US markets were shut on Monday on account of Thanksgiving Day.
Meanwhile, oil prices rose on Tuesday on clear signs that producers are sticking to commitments to cut crude supply as more cars get back on the road with coronavirus lockdowns easing around the world.
Brent crude futures inched up 0.7 per cent, or 23 cents to $35.76, adding to a 1.1 per cent gain on Monday in thin holiday trading. US West Texas Intermediate (WTI) crude futures gained 2.3 per cent, or 75 cents, to $34.00 as of 0057 GMT.
On the stock-specific front, HDFC is likely to be in the limelight post its Q4 numbers. In its results declared on Monday, the mortgage lender reported a 22 per cent decline in net profit to Rs 2,233 crore for the March quarter. HDFC’s board recommended a dividend of Rs 21 per equity share of face value of Rs 2 each for financial year 2019-20.
On Friday, the S&P BSE Sensex index had ended 260.31 points – or 0.84 per cent – lower at 30,672.59, and the broader NSE Nifty 50 benchmark settled at 9,039.25, down 67.00 points or 0.74 per cent from its previous close.