Nifty Likely to Hold Momentum, Open Higher; Dow Futures Up

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Nifty Likely to Hold Momentum, Open Higher; Dow Futures Up

By Aditya Raghunath -- Nifty 50 Futures  in Singapore are trading up 0.57% indicating a positive start for Nifty 50 and the BSE Sensex 30 . Yesterday, Nifty closed just short of 16,500. If the index can hold and close strongly today, the next rally should take it to 16,700.

India will monetize $81 billion worth state assets over the next four years, said NITI Aayog CEO Amitabh Kant on Monday. The government has said it will hand over assets including gas pipelines, roads, railway stations and warehousing facilities to the private sector on long-term leases to spur investment and boost economic growth.

“The strategic objective of the programme is to unlock the value of investments in brownfield public sector assets by tapping institutional and long-term patient capital which can thereafter be leveraged for further public investments,” he said.

Even as the markets gained yesterday, foreign institutional investors (FIIs) continued to sell Indian equities. FIIs sold Rs 1,363.36 crore of Indian shares yesterday.

Asian markets are trading strongly in the green today with Nikkei 225 up 0.98%, KOSPI 50 up 1.54% and the Shanghai Composite up 0.78%.

US stocks rallied overnight. Dow Jones 30 Futures are up 0.21%, S&P 500 Futures are up 0.18% and Nasdaq 100 Futures are up 0.14%.

Oil rallied sharply yesterday after the US FDA gave full approval for a new vaccine. It is now over $66 levels.

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