Sensex, Nifty Set To Stage Gap Up Opening; Reliance Industries In Focus


2021-03-01 03:14:46

Sensex, Nifty Set To Stage Gap Up Opening; Reliance Industries In Focus

The Indian equity benchmarks are set to stage a gap up opening on Monday as indicated by the Nifty futures traded on the Singapore Exchange. The Nifty futures on Singapore Exchange also known as SGX Nifty climbed 1.5 per cent or 195 points to 14,720. Meanwhile, other Asian markets also rallied on Monday as some semblance of calm returned to bond markets after last week’s wild ride, while progress in the huge US stimulus package underpinned optimism about the global economy and sent oil prices higher. China’s official manufacturing PMI out over the weekend missed forecasts, but Japanese figures showed the fastest growth in two years. Investors are also counting on upbeat news from a raft of U.S. data due this week including the February payrolls report.

Helping sentiment was news deliveries of the newly approved Johnson & Johnson COVID-19 vaccine should start on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.8per cent, after shedding 3.7 per cent last Friday.

Japan’s Nikkei rallied 2.1 per cent, while Chinese blue chips added 0.5 per cent.

NASDAQ futures bounced 1.2 per cent and S&P 500 futures 0.9 per cent. EUROSTOXX 50 futures and FTSE futures both rose 1.1 per cent.

The domestic stock markets crashed on Friday and posted their worst single-day performance since March 30. The Sensex and Nifty mirrored losses in losses in other global markets as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.

The foreign institutional investors sold shares worth Rs 8,295.17 crore while domestic institutional investors bought shares worth Rs 1,500 crore.

Reliance Industries will be in focus on report that the company has partnered with Facebook Inc, Google and fintech player Infibeam to set up a national digital payment network.

Indian Oil will be in focus after the company approved investment of Rs 32,946 crore to expand capacity at Panipat refinery complex.



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