Nifty’s Opening As Asian Markets Trade Lower Despite Overnight Rally on Wall St

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Nifty’s Opening As Asian Markets Trade Lower Despite Overnight Rally on Wall St
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.14% or 23.15 points higher at 8:55 am on Tuesday, indicating a flat opening on Dalal Street.

At the same time, the Dow Jones Futures declined 0.5%, while Nasdaq 100 Futures fell 1.48%.

Major indices on Wall Street ended higher on Monday, with interest-rate sensitive banking and tech-heavy stocks rebounding and rallying after the longest run of a weekly slump in over 20 years. Experts believe that Monday’s broad-based rally was more of a relief rally than a fundamental change in investor sentiments.

Indices Nasdaq Composite gained 1.59%, S&P 500 climbed 1.86% and Dow Jones jumped 1.98%. 

Stocks across the Asian markets made a subdued start on Tuesday, despite an overnight rally on Wall Street, however, an early slide in U.S. stock futures weighed on investor sentiments, while the euro hovered over its one-month highs as odds narrowed on a July rate rise by the ECB, stated Reuters.

Moreover, US President Joe Biden's comment on considering easing sanctions on China, along with Beijing’s promise of providing stimulus, has cushioned some comfort in the markets.

At 8:54 am, South Korea’s KOSPI lowered 0.84%, Japan’s Nikkei 225 dropped 0.51%, China's Shanghai Composite fell 0.93%, and Hong Kong’s Hang Seng index plunged 1.51%, while Australia's ASX 200 traded flat.

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