The domestic markets are likely to start the week on a subdued note in wake of cautious cues from across Asia and a quiet start on SGX Nifty. Trends on SGX Nifty indicate a flat opening for the index in India, with a 3 points loss. At 7:30 am, the Nifty futures were trading at 11,932, lower by three points, on the Singapore Stock Exchange.
Global shares got off to a cautious start on Monday as surging coronavirus cases in Europe and the United states threaten the economic outlook, even as growth in China provides some support to Asia.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, but remained short of its recent 31-month peak. Japan’s Nikkei rose 0.2 per cent and South Korea’s main index was up 0.4 per cent.
The S&P 500 and Nasdaq closed modestly higher on Friday in choppy trading, with investors keeping a close eye on negotiations on a U.S. stimulus package that would ease the economic shock caused by the coronavirus pandemic.
The S&P 500 gained 0.34 per cent and the Nasdaq Composite added 0.37 per cent. The Dow Jones Industrial Average, however, closed lower by 0.1 per cent.
Meanwhile, oil prices fell on October 26, extending last week’s losses, as a jump in COVID-19 infections in the United States and Europe raised alarms over crude demand, while the prospect of increased supply also hurt sentiment.
Brent crude was down by 53 cents, or 1.3 per cent, at $41.24 by 0052 GMT. U.S. West Texas Intermediate (WTI) dropped 53 cents, or 1.3 per cent, to $39.32, having fallen more than a dollar shortly after the start of trading.
On the earnings front, Kotak Mahindra Bank, SBI Life Insurance Company and Mahindra & Mahindra Financial Services will announce their Q2 numbers during the day
On Friday, the BSE Sensex had gained 127.01 points at 40,685.50 and the Nifty50 climbed 33.90 points to 11,930.40.
The News is copyright of Owner. Please Read Disclaimer