The domestic stock markets are likely to start the week on a cautious note due to mixed global cues. Trends on SGX Nifty indicate a flat opening for the index in India, with a 2-points gain. At 7:30 am, the Nifty futures were trading virtually unchanged at 14,520 on the Singapore Stock Exchange.
Asian markets were holding their nerve on Monday as a plunge in the Turkish lira tested risk appetite, with stocks and bonds showing only a limited bid for safe-havens. Japan’s Nikkei fell 1.4 per cent, not helped by talk Japanese retail investors could face losses on large long positions in the high-yielding lira.
The Nasdaq ended mixed on Friday, lifted by Facebook and energy shares as U.S. Treasury yields took a break from a recent surge.
The Dow Jones Industrial Average fell 234.79 points, or 0.71 per cent, to 32,627.51, the S&P 500 lost 2.71 points, or 0.07 per cent, to 3,912.75 and Nasdaq Composite added 99.07 points, or 0.76 per cent, to 13,215.24
Meanwhile, oil prices resumed their decline on Monday, falling around 1 per cent as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading.
Brent crude was down 60 cents, or 0.9 per cent, at $63.93 a barrel by 0136 GMT. U.S. oil was off by 68 cents, or 1.1 per cent, at $60.74 a barrel. Both contracts fell by more than 6 per cent last week.
On Friday, the BSE Sensex gained 641.72 points, or 1.30 per cent, to close at 49,858.24 and Nifty rose 186.10 points, or 1.28 per cent, to 14,744.