Dow Futures Trade Higher, Nifty to Open Marginally Higher As Well

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Dow Futures Trade Higher, Nifty to Open Marginally Higher As Well

By Aditya Raghunath -- Asian stocks have had a strong opening today with the Nikkei 225 is trading 1.69% higher and the ASX Ltd (ASX: ASX ) up 1.58%. South Korea’s KOSPI is also trading 1.16% higher while Dow Futures are up by 0.26%, S&P 500 Futures gained 0.45% and Nifty Futures is up 0.4% at the time of writing.

It looks like another strong opening for the markets led by banking and financial stocks and supported by ‘recovery’ stocks. The BSE Sensex 30 and Nifty both closed on record highs yesterday on the back of Pfizer Ltd . (NS: PFIZ ) vaccine news. This news boosted a lot of stocks that have been hardest hit by the pandemic, such as the airline, hotels, and entertainment stocks. The news that drugmakers are closer to developing a vaccine for mass production and are closer to getting approval for the same will improve consumer confidence and will translate into more people getting out and traveling.

A vaccine will do a lot to shield the world against a second wave of the pandemic. These have been the primary reasons for the rally. Stocks like Interglobe Aviation Ltd (NS: INGL ) (Indigo) and Spicejet Ltd (BO: SPJT ) ended up 8.85% and 2.4% respectively, as did hotel stocks like Indian Hotels Co. Ltd (NS: IHTL ) (up 14.23%) and multiplex stocks like PVR (NS: PVRL ) (up 5.72%) and Inox Leisure Ltd (NS: INOL ) (up 2.17%). Investors can expect movement in these stocks today as well.

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