The domestic stock markets are likely to open in the green, continuing with 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 63-points gain. At 7:30 am, the Nifty futures were trading at 15,223, higher by 63 points or 0.56 per cent, on the Singapore Stock Exchange.
Asian stocks set to track US gains on Wednesday, as falling bond yields eased concerns about surging inflation, although focus will shift to Chinese markets amid worries about policy tightening in the world’s second-largest economy.
Australia’s S&P/ASX 200 index rose 0.47 per cent in early trading. Japan’s Nikkei 225 futures added 0.07 per cent and Hong Kong’s Hang Seng index futures rose 1.17 per cent.
US stocks rallied on Tuesday, with the Nasdaq gaining about 4 per cent to recoup heavy losses from the previous session as US bond yields retreated and investors scooped up battered technology stocks.
The Dow Jones Industrial Average rose 30.3 points, or 0.10 per cent, to 31,832.74, the S&P 500 gained 54.09 points, or 1.42 per cent, to 3,875.44 and the Nasdaq Composite added 464.66 points, or 3.69 per cent, to 13,073.83.
Meanwhile, oil fell to around $68 a barrel on Tuesday in a choppy session, pressured as concerns faded of a supply disruption in Saudi Arabia, which countered a pause in the dollar’s rally and prospects for tighter supply due to OPEC+ output curbs.
Brent crude settled down 72 cents, or 1.06 per cent, at $67.52 a barrel. The contract pulled back after trading as high as $69.33. It reached $71.38 on Monday, the highest since January 8, 2020.
U.S. West Texas Intermediate (WTI) fell $1.04, or 1.6 per cent to settle at $64.01 a barrel. The contract hit its highest on Monday since October 2018.
On Tuesday, the BSE Sensex had rallied 584.41 points, or 1.16 per cent, to 51,025.48 and Nifty was up 142.20 points, or 0.95 per cent, at 15,098.40.