The domestic stock markets are likely to open firm, extending the upmove witnessed on Monetary policy day, due to cautiously positive cues from the global market front. Wall Street recorded modest gains overnight, Asian markets are set for a mildly positive start and early indications from SGX Nifty futures trading suggest a healthy opening for the indices back home. At 7:30 am, the Nifty futures were trading at 14,929, higher by 65 points or 0.57 per cent, on the Singapore Stock Exchange.
Asian equities are poised to track Wall Street’s cautious gains on Thursday after minutes from the Federal Reserve’s latest meeting reiterated its commitment to keep interest rates low until the U.S. economy makes a more secure recovery.
Australian S&P/ASX 200 futures rose 0.52 per cent in early trading, while Japan’s Nikkei 225 futures added 0.03 per cent.
Major averages hovered near unchanged on Wednesday, with the S&P 500 closing up slightly after the Federal Reserve released minutes from its most recent meeting that reinforced the U.S. central bank’s position to remain patient before raising rates.
The Dow Jones rose 16.02 points, or 0.05 per cent, to 33,446.26, the S&P 500 gained 6.01 points, or 0.15 per cent, to 4,079.95 and the Nasdaq Composite dropped 9.54 points, or 0.07 per cent, to 13,688.84.
Meanwhile, oil futures inched higher on Wednesday on an improving global economic outlook, but gains were capped by rising gasoline inventories and fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.
Brent crude futures settled at $63.16 a barrel, up 42 cents, or 0.7 per cent and U.S. West Texas Intermediate crude settled at $59.77 a barrel, gaining 44 cents, or 0.7 per cent.
On Wednesday, the BSE Sensex rallied 460.37 points and Nifty climbed 135.50 points after the RBI kept the key policy rates unchanged in the first monetary policy of fiscal 2022.