Sensex, Nifty To Open Firm On Positive Global Cues

At 7:30 am, the Nifty futures were trading higher by 0.55 per cent on Singapore Stock Exchange

The domestic stock markets are likely to open in the green, extending the gains witnessed in the previous session, on the back of positive global cues. Trends on SGX Nifty indicate a positive opening for the index in India, with a 66-points gain. At 7:30 am, the Nifty futures were trading at 14,759, higher by 66 points or 0.55 per cent, on the Singapore Stock Exchange.

Asian markets were mostly higher as investors look ahead to the U.S. jobs report due later this week for clues about how long the Fed will stay on hold. Nikkei 225 jumped 1.98 per cent, while the Topix index was up 1.97 per cent and South Korea’s Kospi rose 0.7 per cent. In Hong Kong, the Hang Seng index was up 1.15 per cent.

Wall Street’s main indexes and the Dow hit a record high on Wednesday, as growth stocks bounced from a steep selloff in the previous session and a survey showed private jobs rose in April. The Dow Jones was up 0.46 per cent, S&P 500 was up 0.54 per cent and Nasdaq Composite was up 0.63 per cent.

Meanwhile, oil prices fell on Thursday as gasoline inventories in the United States, the world’s largest oil consumer, rose for a fifth consecutive week although a draw in crude stockpiles helped to underpin prices. Brent crude oil futures fell by 16 cents, or 0.2 per cent to $68.80 barrel by 0123 GMT, and U.S West Texas Intermediate (WTI) crude futures dropped by 20 cents or 0.3 per cent to $65.43 a barrel. Both Brent and U.S crude futures hit their highest since mid-March on Wednesday before retreating.

On Wednesday, the BSE Sensex had jumped 424.04 points to 48,677.55 and Nifty rose 121.40 points to 14,617.90.

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