The trends on SGX Nifty were largely positive, indicating a gap-up start for the indices on Tuesday. Nifty futures were trading 104.55 points or 0.95 per cent higher at 11,114.80 on Singaporean Exchange.
Domestic equity market benchmarks BSE Sensex and Nifty 50 are expected to open on a strong footing on Tuesday, following favourable global cues after promising trial results from potential COVID-19 vaccines. In the previous session, Nifty 50 sailed past 11,000-mark for the first time since March 5, despite muted global cues. While the 30-share index Sensex was up by 398.85 points or 1.08% to close at 37,418.99. “The earnings season so far has been good with heavyweights reporting better the expectations. Further, the Union Health Ministry statement that India’s Covid-19 fatality rate is progressively falling added to the positivity. Nifty has been respecting to its rising support trend line and holding above its 200 DEMA,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
SGX Nifty jumps over 100 points: The trends on SGX Nifty were largely positive, indicating a gap-up start for the indices on Tuesday. Nifty futures were trading 104.55 points or 0.95 per cent higher at 11,114.80 on Singaporean Exchange.
Earnings today: Hindustan Unilever (HUL), Axis Bank, Bajaj Finance, ICICI Prudential Life, Bajaj Finserv, Crisil, DCM Shriram, IndiaMART InterMESH and Syngene International are slated to announce their June quarter earnings later in the day today.
Promising trial results from potential COVID-19 vaccines: Early data from trials of three potential COVID-19 vaccines released on Monday, including a closely-watched candidate from Oxford University, increased confidence that a vaccine can train the immune system to recognize and fight the novel coronavirus without serious side effects. The vaccine being developed by British drugmaker AstraZeneca along with the Oxford University induced an immune response in all study participants who received two doses without any worrisome side effects, according to the Reuters report.
Asian markets: Asian stock markets were trading higher on Tuesday as positive vaccine news boosted investor sentiment. In Japan, the Nikkei 225 gained 0.63% and the Topix index rose 0.17%. South Korea’s Kospi index was up 0.94%
US markets: In overnight trade on Wall Street, US stock indices gained ground as promising trial results from potential COVID-19 vaccines helped investors look beyond spiralling new cases of the disease. The Dow Jones Industrial Average rose 8.92 points, or 0.03%, to 26,680.87, the S&P 500 gained 27.11 points, or 0.84%, to 3,251.84 and the Nasdaq Composite added 263.90 points, or 2.51%, to 10,767.09.
FII and DII data: On Monday, foreign institutional investors (FIIs) bought shares worth Rs 1,709.97 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,521.99 crore on a net basis, according to the provisional data available on the NSE.