Nifty Futures Gain 1% As Asian Stocks Open Lower

  • Stock Market News
Nifty Futures Gain 1% As Asian Stocks Open Lower
Credit: © Reuters.

By Aditya Raghunath -- Indian stocks are likely to open higher today after the steep fall yesterday as Nifty Futures are trading 1% higher on last look. Investors lost over Rs. 2 lakh crore as Nifty tanked 1.51% and BSE Sensex closed down 1.56%.

Global markets consolidated yesterday though no market fell as steeply as India’s benchmarks did. Dow Jones closed 0.58% down, giving up its 30,000 peak. Analysts posit that markets closed lower as the number of layoffs in the US went up even as new lockdowns because of COVID-19 are taking their toll on the economy. Several European indices also closed in the red.

Asian shares dipped slightly in the early market today as the hot run-up in global markets took a breather, with investors switching their focus from vaccine hopes to disappointing U.S. jobs data and new COVID-19 lockdowns.

Investors refrained from extending a rally in equities that had been fueled by vaccine optimism. Stocks neared but missed the previous session's record high, while oil continued to rise and the dollar lost some of its safe-haven luster.

A silent mover in the last week has been oil. Crude oil prices have gained over 14% since November 13 and currently trading at $46.02 at the time of this report. On Wednesday, prices rose as there was a surprise drop in US inventory and the expectation that vaccine launches will get global trade going again. Gold prices, on the other hand, have fallen almost 8% from November 9 when they were trading at $1,962 an ounce to $1,808 today. Gold hasn’t yet lost its battle with the $1,800 mark as COVID -19 cases continue to surge.

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