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Domestic stock markets are likely to start Tuesday’s session on a positive note, rebounding after three days of losses tracking sharp gains in Asian peers. The Singapore Exchange (SGX) Nifty futures – an early indicator of the National Stock Exchange (NSE) Nifty 50 benchmark index – climbed as much as 210.30 to 9,037.75 ahead of the opening of Indian markets. At 8:09 am, the SGX Nifty futures were up 154.55 points – or 1.75 per cent – at 8,982.00.
Asian shares were set to rise on Tuesday after data from an early-stage trial for a coronavirus vaccine lifted hopes for a near-term economic recovery, sending global equity markets and oil prices surging. Hong Kong futures were up 1.8 per cent and Australian shares were also set to open higher. Nikkei futures were trading above the Nikkei 225 index’s previous close, pointing to an opening gain of about 2 per cent.
Overnight, US stocks jumped on Monday, and the S&P 500 closed at a 10-week high, on encouraging early-stage data for a potential coronavirus vaccine and on the promise of more stimulus to lift an economy beaten down by the pandemic. The Dow Jones Industrial Average rose 3.85 per cent, the S&P 500 gained 3.15 per cent and Nasdaq Composite added 2.44 per cent.
Oil prices rose on Tuesday, extending gains for a fourth straight session, amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic.
