The Nifty is likely to open higher on Tuesday tracking positive closing on Wall Street. At 8:44 am, Nifty futures on the Singapore Stock Exchange were trading 30 points higher at 9,479 indicating a positive opening for the domestic market.
US stocks ended higher on Monday, led by a sharp rise in technology shares as well as defence companies, on the back of reports that the United States and Saudi Arabia have signed a multi-billion dollar arms deal. Saudi Arabia will reportedly buy arms from the US with costs running upto $350 billion over 10 years.
The Dow Jones Industrial Average closed up 89.99 points, or 0.43 percent, to 20,894.83, the S&P 500 gained 12.29 points, or 0.52 percent, to 2,394.02 and the Nasdaq Composite added 49.92 points, or 0.82 percent, to 6,133.62.
Asian shares were mostly higher in early trading Tuesday. Japan’s Nikkei 225 edged 0.2 percent lower to 19,648.09 and the Shanghai Composite Index fell 0.4 percent to 3,062.85. But other markets were mostly higher. Hong Kong’s Hang Seng index rose 0.2 percent to 25,431.47 and the S&P ASX 200 of Australia was flat at 5,771.60. South Korea’s Kospi gained 0.3 percent to 2,310.02.
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Bhaskar Panda of HDFC Bank believes the Indian Rupee will trade within a range of 64.40-64.60 against the US dollar in today’s session. He expects the Rupee to move towards 65 per dollar in due course of time.
The dollar index, which tracks the greenback against a basket of six major rivals, was down 0.14 percent to 97.005. Earlier in the session, it fell to a low of 96.797, its lowest since November 9.
Oil prices rose on Monday as growing confidence that top exporters would agree to extend supply kerbs this week and speculation that the cuts could be deepened further pushed prices to their highest levels in more than a month, said a Reuters report.
Brent futures rose 26 cents, or 0.5 percent, to settle at $53.87 a barrel, while U.S. West Texas Intermediate crude for June rose 40 cents, or 0.8 percent, to settle at $50.73 per barrel on its last day as the front-month.
Central Bank of India, Century Ply, Future Retail, Jindal Steel, Jubilant Life, Tata Motors and Voltas will announce their fourth quarter results today.