Is Nifty Likely To Open Lower Today?

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Is Nifty Likely To Open Lower Today?
Credit: © Reuters.

By Aditya Raghunath -- Nifty 50 Futures are trading marginally lower by 0.1% on last look, indicating the index will open in the red today. Yesterday, the Nifty gained 138 points to close at 13,466.30 while the BSE Sensex soared 452.73 points to close over 46,000.

Right now investors are concerned over the new coronavirus strain found in the U.K which has led to the suspension of several flights to and from the country. The S&P 500 and other major markets in the U.S were also weak over concerns on the new COVID-19 strain that is said to be up to 70% more infectious.

Now, it remains to be seen if the vaccines remain effective against the new strain although drug manufacturers remain optimistic regarding the same. The S&P 500 fell 0.2% while the Dow Jones Industrial Average was down 0.7%. The tech-heavy NASDAQ Composite gained 0.51%.

Oil, airline, and hospitality stocks might remain weak

Companies in the oil, airlines, travel, and hospitality sectors might remain weak as we inch closer to the end of 2020. Yesterday, shares of Spicejet Ltd (BO: SPJT ) fell 3.8% though Interglobe Aviation Ltd (NS: INGL ) shares were up 4.5%.

Oil fell in early trade on Wednesday after industry data showed U.S. crude oil stocks rose last week, defying expectations for a decline, and U.S. President Donald Trump rattled markets by threatening not to sign a long-awaited COVID-19 relief bill.

U.S. West Texas Intermediate (WTI) crude futures fell 46 cents, or 1%, to $46.56 a barrel at 0142 GMT, while Brent crude futures dropped 46 cents, or 0.9%, to $49.62.

Both contracts fell nearly 2% on Tuesday, in a second straight session of declines, with Brent just managing to settle above $50 ahead of the release of the data from the American Petroleum Institute (API).

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  • Joshva Josh @Joshva Josh
    Minimum fifty point gap in Nifty
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  • Joshva Josh @Joshva Josh
    Minimum 50 point gap in Nifty 50
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  • bhanu solanki @bhanu solanki
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