Sensex, Nifty Likely To Have A Weak Opening

At 7:30 am, the Nifty futures were trading at 14,131, lower by 0.45 per cent on Singapore Stock Exchange

The domestic stock markets are likely to open in the red, extending their recent losses, due to escalating cases of Covid infections in the second wave. Trends on SGX Nifty indicate a gap-down opening for the index in India, with a 165-points loss. At 7:30 am, the Nifty futures were trading at 14,131, lower by 165 points or 0.45 per cent, as against the closing on April 20, on the Singapore Stock Exchange.

Asian markets rose in Thursday’s morning trade following an overnight bounce on Wall Street. The Nikkei 225 jumped 1.2 per cent in early trade, Topix index gained 1.13 per cent and South Korea’s Kospi advanced 0.41 per cent.

Wall Street rebounded on Wednesday after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc’s sell-off after its disappointing results a day earlier.

The Dow Jones rose 0.93 per cent, Nasdaq Composite added 1.19 per cent to 13,950.22 and the S&P 500 gained 0.93 per cent.

Meanwhile, oil prices continued to be weighed down by rising Covid-19 cases in Asia. U.S. crude fell 2.49 per cent to $61.11 per barrel and brent was at $65.07, down 2.25 per cent on the day.

On the results front, Rallis India, Sasken Technologies and Tata Elxsi will release their quarterly earnings during the day.

On Tuesday, the BSE Sensex had declined 243.62 points to close at 47,705.80 and NSE Nifty fell 63.10 points to 14,296.40.

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