Why Nifty Might Open Higher Today?

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Why Nifty Might Open Higher Today?
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Strong Asian markets, crude oil and expected positive developments on the domestic front will likely ensure that Nifty and the BSE Sensex will open on a firm footing today. Nifty Futures are trading flat in Singapore and this is the most reliable indicator that markets will likely open positive in India today.

Nikkei 225 is trading up 1.34% at the time of this report while KOSPI 50 is up 0.35%. The Australian ASX 200 is also up 0.37%. Major European indices had a very good day yesterday with FTSE gaining 2.52%, CAC up 1.45% and DAX ending up 0.42% as global markets all expect the economic recovery to be much faster than expected. It is likely that all of them will continue their momentum today as well. US markets were shut yesterday.

Crude oil is trading at $60.19. It has held the $60 mark and this is the highest it has been trading in 13 months on the back of vaccine rollouts and expected comeback in global demand.

SEBI (Securities and Exchange Board of India) is expected to ease norms for large issues in its meeting on February 17. This will likely help large companies like LIC (Life Insurance Corporation) that are planning to list this year.

Exports in India rose 6.16% to $27.45 billion in January according to commerce ministry data while imports also grew 2% to $42 billion.

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