Domestic markets are expected to open following weak global cues amid concerns of economic recovery around the world. Trends on the SGX Nifty indicate a negative opening for the index in India with a loss of 81 points. At 7:30 am, the Nifty futures was trading at 11,522, down 81 points or 0.8 percent on the Singapore Stock Exchange.
Asian stocks were set to drift lower on Thursday, amid concerns over the strength to recover from the COVID-19 epidemic even after the US Federal Reserve promised to keep the interest rate at least until 2023.
Australian S&P / ASX 200 futures lost 0.22 per cent in early trade. Japan’s Nikkei 225 futures were flat, while Hong Kong’s Hang Seng index futures lost 0.15 percent.
Overnight, the S&P 500 plummeted, reversing gains late in the day as losses in technology stocks outpaced the Federal Reserve statement that stoked optimism it would hold U.S. interest rates near zero for the long term.
The Dow Jones plunged 0.13 per cent, the S&P 500 0.46 per cent and the Nasdaq Composite 1.25 per cent.
Meanwhile, oil prices rose more than 4 percent on Wednesday after a fall in US crude and gasoline inventories and Hurricane Sally forced US shutdown of offshore production.
Brent crude closed at $ 42.22 a barrel, $ 1.69, or 4.2 percent. US crude fell $ 1.88, or 4.9 percent, to close at $ 40.16 a barrel.