Nifty, BSE Sensex to Open Lower as Dow Futures Declines on Virus Fears

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Nifty, BSE Sensex to Open Lower as Dow Futures Declines on Virus Fears
Credit: © Reuters.

By Aditya Raghunath -- Indian indices Nifty and BSE Sensex are expected to open lower today; following global markets where all major indices across the world closed lower yesterday and Asian indices have opened in the red in early trade today. However, Nifty Futures is trading marginally higher on the last look. 

All major US indices were down on news of rising coronavirus cases and it has come a lot sooner than epidemiologists’ expectations. The Dow Jones Industrial Average closed 1.08% down, the S&P 500 lost 1% and the Nasdaq closed 0.65% lower. Dow Futures are trading lower by 0.4% as well. 

A vaccine might take several months to get into mass production but the second wave of the COVID-19 virus is spreading now. The US recorded over 100,000 infections for the eighth consecutive day on November 12. A proposal for a multitrillion-dollar aid coronavirus package by the Democrats was shot down by the Republicans for being too expensive.   

The FTSE fell by 0.68% while the CAC and Dax were down over 1%. Asian markets are trading lower as well, with the Nikkei 225 falling 1% and the Kospi is down by 0.27% at the time of writing. Crude oil dropped by 1.61% to close at $40.46.

It’s going to be an important day for the markets in terms of earnings reports as ONGC (NS: ONGC ), Tata Steel (NS: TISC ), and NLC India Ltd (NS: NLCI ) will announce their second-quarter earnings for FY 2020-21 today.

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