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Wednesday, December 2, 2020

Sensex, Nifty Likely To Have A Positive Opening (November 23)

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At 7:30 am, the Nifty futures were trading higher by 0.5 per cent on Singapore Stock Exchange.

The domestic stock markets are likely to open in the green, after closing at around record highs in the previous week, as hopes of a coronavirus vaccine continue to buoy investor sentiment globally. Trends on SGX Nifty indicate a positive opening for the index in India, with a 50-points gain. At 7:30 am, the Nifty futures were trading at 12,932, higher by 50 points or 0.5 per cent on the Singapore Stock Exchange.

A broad gauge of Asian shares edged up to record highs on Monday morning amid coronavirus vaccines hopes, but worries over the impact of economic lockdowns and uncertainty over U.S. stimulus capped gains. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.38 per cent.

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Trading activity was thin early in the Asian day, with Japanese markets closed for a holiday. Nikkei futures added 0.16 per cent to 25,785 and Seoul’s Kospi was 0.84 per cent higher.

US stocks closed lower on Friday as investors wrestled with fiscal stimulus developments, concerns over a lengthy rollout of vaccines, and a growing number of state-level shutdowns to combat the spiraling COVID-19 pandemic.

On Friday, the Dow Jones fell 0.75 per cent, the S&P 500 lost 0.68 per cent and Nasdaq Composite dropped 0.42 per cent.

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The BSE Sensex had climbed 282.29 points to 43,882.25 and NSE Nifty had rose 87.30 points to 12,859 in Friday’s session.

Meanwhile, oil prices rose about 1 per cent on Friday and posted a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the coronavirus capped gains.

Brent crude futures rose 76 cents, or 1.7 per cent, to settle at $44.96 a barrel. The more active U.S. West Texas Intermediate (WTI) January crude contract gained 52 cents, or 1.2 per cent to $42.42 a barrel.

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