On Tuesday, the Indian equity market are expected to gain slightly tracking Asian shares. Also, SGX Nifty indicates a positive opening. However, domestic macroeconomic data may worry investors. Other Asian markets are in the green on signs of a slowdown in COVID-19 related deaths. Oil prices resumed their decline on doubts about a potential Saudi Arabia-Russian pact to cut output.
Equity investors kicked off the week encouraged by the slowing death toll from the virus across major European nations, including France and Italy. US stocks rallied on Monday, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all gaining more than 7 per cent.
Emerging market stocks rose 2.66 per cent at the start of the week. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 2.77 per cent higher.
The governors of New York and New Jersey pointed to tentative signs that the coronavirus outbreak in their states was starting to plateau but warned against complacency, while across the Atlantic British Prime Minister Boris Johnson, who has the COVID-19 disease caused by the virus, was taken to intensive care, driving down the pound.
Read EquityPandit’s Nifty Outlook for the Week