The domestic stock market is likely to open on a subdues note, going by early indications from trading in SGX Nifty futures. Trends on SGX Nifty indicate a flat opening for the index in India, with an 11-point gain. At 7:30 am, the Nifty futures were trading at 13,993, higher by 11 points on the Singapore Stock Exchange.
Asian shares are set to end a tumultuous 2020 by hovering near record highs on Thursday and riskier currencies cruised near 2-1/2-year peaks, buoyed by hopes that COVID-19 vaccine rollouts will help the world beat the pandemic.
E-Mini S&P futures rose 0.11 per cent to 3,728.5, while MSCI’s gauge of Asia-Pacific shares excluding Japan was little changed at 661.76, a hair’s breath from its record high of 661.80. Australian shares lost 0.23 per cent, while the Japanese stock market is shut on Thursday.
US stocks closed higher on Wednesday, with the Dow Industrials nudging up to a record, as investors looked towards an improving economic outlook in 2021 on the back of COVID-19 vaccine rollouts and hopes for even more fiscal support.
The Dow Jones Industrial Average rose 73.89 points, or 0.24 per cent, to 30,409.56, the S&P 500 gained 5 points, or 0.13 per cent, to 3,732.04 and Nasdaq Composite added 19.78 points, or 0.15 per cent, to 12,870.00.
Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralyzed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out more stimulus.
On Thursday, the last trading day of 2020, brent was trading down 18 cents, or 0.4 per cent, at $51.45 a barrel, as of 0136 GMT and U.S. West Texas Intermediate (WTI) lost 0.1 per cent, or 5 cents, to $48.35 a barrel.
The benchmark indices closed at fresh record highs on Wednesday, led by gains in auto and metal shares. The Sensex ended 133 points, or 0.28 per cent, higher at 47,746.22 and Nifty settled with a gain of 49 points, or 0.35 per cent, at 13,981.95.