Opening Signals: SGX Nifty Futures Up Ahead of RBI MPC Meet & Strong Global Cues

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Opening Signals: SGX Nifty Futures Up Ahead of RBI MPC Meet & Strong Global Cues
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.26% or 45 points higher at 8:42 am on Thursday, indicating a positive opening on Dalal Street, following strong global cues ahead of the RBI’s three-day monetary policy meeting that began on Wednesday. 

Further, the Dow Jones Futures traded flat and Nasdaq 100 Futures slipped 0.17%.

Major indices on Wall Street ended sharply higher on Wednesday, led by robust economic data, optimistic corporate forecasts and easing geopolitical tensions which fuelled investor appetite.

Thanks to an upbeat outlook from giants PayPal (NASDAQ: PYPL ) and CVS Health, all technology heavyweight index Nasdaq closed the session at a three-month high. Further, Treasury yields touched two-week peaks.

Economic data showed that the services industry in the US performed better-than-expected in July, solidifying views that the economy was not in recession.

Nasdaq Composite jumped 2.6%, Dow Jones climbed 1.3% and S&P 500 surged 1.6%.

Stocks across Asian markets rose on Thursday, mirroring an overnight rally on Wall Street and boosting investor risk appetite.

At 8:35 am, South Korea’s KOSPI climbed 0.32%, Japan’s Nikkei 225 rose 0.55%, Hong Kong’s Hang Seng index jumped 1.8%, China’s Shanghai Composite rose 0.33%, and Australia's ASX 200 advanced 0.2%.

Oil climbed on Thursday after falling to its lowest levels since Feb in the previous session on indications of weaker fuel demand by the US. Brent crude gained 0.3% to $97.07/barrel and WTI Futures rose 0.4% to $91/barrel. Natural gas Futures declined 0.4%.

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