The domestic stock markets are likely to open on a cautious note, after racing ahead by more than 2 per cent in the previous session, going by early indications from SGX Nifty futures trading. Trends on SGX Nifty suggest a flat opening for the index in India, with a 2-points loss. At 7:30 am, the Nifty futures were trading at 14,926, lower by two points, on the Singapore Stock Exchange.
On Tuesday, the BSE Sensex ended the day at 50,136.58, higher by 1128.08 points or 2.30 per cent and the NSE Nifty closed at 14,845.10, up 337.80 points or 2.33 per cent.
Asian stocks were set to open higher on March 31, as global financial shares retraced some of their recent losses, driven in part by higher bond yields, and investors awaited a closely watched Chinese factory activity survey.
In early Asian trade, Australian S&P/ASX 200 futures rose 0.84 per cent, while Hong Kong’s Hang Seng index futures were up 0.43 per cent. Japan’s Nikkei 225 futures were down 0.29 percent.
Overnight, the U.S. stocks ended down slightly as investors sold tech-related growth shares after U.S. Treasury yields hit a 14-month high.
The Dow Jones fell 0.31 per cent, the S&P 500 lost 0.32 per cent and Nasdaq Composite dropped 0.11 per cent.
Meanwhile, oil prices slid more than 1 per cent on March 30 as the Suez Canal re-opened to traffic and the U.S. dollar rallied. Brent crude fell 84 cents, or 1.3 percent, to settle at $64.14 a barrel while West Texas Intermediate U.S. oil ended the session down $1.01, or 1.6 percent, at $60.55 barrel.