Pre-Open: Relief Rally on Wall-St Drives SGX Nifty to Green, Dow Futures Gain

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Pre-Open: Relief Rally on Wall-St Drives SGX Nifty to Green, Dow Futures Gain
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.44% or 75.5 points higher at 8:35 am on Tuesday, indicating a positive opening on Dalal Street. 

However, the Dow Jones Futures gained 0.18% and Nasdaq 100 Futures traded flat with a positive bias.

Major indices in the US ended higher on Monday, following a Credit Suisse (SIX: CSGN ) rescue deal and efforts of the central bank to avoid any more crisis in the banking group relieved investors, along with expectations of the Federal Reserve pausing rate hikes.

Nasdaq Composite climbed 0.39%, Dow Jones jumped 1.2% and S&P 500 surged 0.89%. 

Asian markets bounced back on Tuesday, and lifted from lows following a relief rally on Wall Street in the overnight session, following a rescue deal for Credit Suisse after the largest banking group in Switzerland, UBS Group AG (SIX: UBSG ) agreed to acquire the turmoil-hit banking major in a historic $3.23 billion all-share.

At 8:28 am, South Korea’s KOSPI rose 0.65%, China’s Shanghai Composite gained 0.29%, Hong Kong’s Hang Seng buoyed 0.65%, and Australia's ASX 200 rallied 1.24%. Japanese markets were closed on account of Vernal Equinox.

Oil prices fell on Tuesday after rebounding briefly from 15-month lows ahead of the Fed’s interest rate decision this week, while the banking crisis concerns kept investors cautious.

Brent crude declined 0.84% to $73.17/barrel and WTI Futures fell to $ 67.24 a barrel. Natural Gas Futures traded flat.

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