Sensex, Nifty ready for a strong start

Nifty futures were trading up 1.45 percent on the Singapore Stock Exchange at 7:30 am

Domestic stock markets are expected to open stronger, with the momentum seen in the previous session, due to positive Asian signals and declining Covid cases across the country. Trends on the SGX Nifty indicate an inter-opening for the index in India with a gain of 158 points. At 7:30 am on the Singapore Stock Exchange, the Nifty futures was trading at 15,104, up 158 points or 1.45 per cent.

Investors’ reaction to the release of Japan’s first-quarter gross domestic data boosted Asian markets. Taiwan index rose 3.28 percent, Nikkei 2.12 percent and Topics index 1.49 percent.

Technology stocks pulled Wall Street’s main indices down on Monday, as signs of inflationary pressures in the economy kept investors worried about tightening monetary policy.

The Dow Jones was down 0.46 per cent at 34,223.93, the S&P 500 was down 0.47 per cent and the Nasdaq Composite was down 0.69 per cent.

On the earnings front, Tata Motors, Canara Bank, Aarti Industries and Abbott India will announce their Q4 numbers during the day.

Meanwhile, oil prices climbed on Tuesday, increasing gains from the previous day, as optimism on the reopening of the US and European economies led to a rise in COVID-19 cases and a new wave of sanctions leading to fears of slower fuel demand in Asia got rid of.

Brent crude oil futures were up 20 cents or 0.3 percent at $ 69.66 a barrel at 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3 percent, at $ 66.46 a barrel.

On Monday, the BSE Sensex rose 848.18 points to 49,580.73 and the Nifty climbed 245.40 points to close at 14,923.20.

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