Global Cues Indicate a Green Opening for Nifty

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Global Cues Indicate a Green Opening for Nifty
Credit: © Reuters.

By Aditya Raghunath -- Indian markets could see a positive opening after two consecutive days of closing in the red. Strong global cues from the US where indices rallied after falling early signal a strong opening for the Nifty and the BSE Sensex . Nifty 50 Futures are trading up at 0.87% as of this report which is good news for the bulls.

The Dow Jones Industrial Average closed up 0.62%, and the S&P 500 and the Nasdaq Composite closed up 0.52%, and 0.12% respectively. It also helped that the unemployment rate in the US fell to a one-year low as economic activity has rebounded.

Asian markets have opened strong with Nikkei 225 up 1.43%, KOSPI 50 up 0.53% and the Shanghai Composite up 0.85%, on news from US labour markets and strong sentiment in the US.

As the day progresses, all eyes will turn to FIIs (foreign institutional investors). They were net sellers yesterday with an outflow of Rs 3,383.6 crore. DIIs (domestic institutional investors) were net buyers at Rs 2,267.69 crore but that didn’t stop the markets from falling over 1.5%.

Oil prices have fallen despite the blockage at the Suez Canal thanks to lower demand concerns as more lockdowns were imposed in Europe and Asia on rising COVID-19 fears. Crude oil is currently at $59.07.

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