Pre-Opening Cues Indicate Gap-Up Opening on D-Street Amid Strong Global Markets

  • Stock Market News
Pre-Opening Cues Indicate Gap-Up Opening on D-Street Amid Strong Global Markets
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 1.53% or 257.5 points higher at 8:27 am on Tuesday, indicating Dalal Street to make a gap-up opening, tracking strong global cues.

Further, the Dow Jones Futures gained 0.38% and Nasdaq 100 Futures surged 0.67%.

Major indices on Wall Street logged their best day since summer on Monday, rallying almost 3% as the US Treasury yields cooled after a lower-than-expected US manufacturing activity in September. The manufacturing PMI fell to its lowest in almost 2.5 years at 50.9 last month.

Further, Treasury yields also fell after the British PM Liz Truss had to surrender to reverse the tax cut post 10 days of its announcement as it led to the UK market rout. Consequently, Sterling jumped to a fresh post-budget high on Tuesday.

Nasdaq Composite jumped 2.27%, S&P 500 rallied 2.59% and Dow Jones soared 2.66%.

Stocks across Asian markets opened higher Tuesday, following an overnight rally on Wall Street, one of its best in months.

At 8:29 am, Japan’s Nikkei jumped 2.4%, South Korea’s Kospi surged 2.25% and Australia's ASX 200 rallied 2.6%. Hong Kong and Chinese markets remained closed on Tuesday on account of National Day.

Oil rose on Tuesday on reports that OPEC+ may consider the largest supply cut since 2020 at its upcoming meeting on Wednesday after plummeting 11.2% last month amid extreme market volatility.

Brent crude traded at $89.12/barrel and WTI Futures at $83.7/barrel. Natural Gas Futures declined 0.6%.

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