Sensex, Nifty Likely To Have A Subdued Opening

At 7:30 am, the Nifty futures were trading virtually unchanged at 14,727 on Singapore Stock Exchange

The domestic stock markets are likely to have a subdued opening, post the volatility witnessed in the previous session. Trends on SGX Nifty indicate a cautious opening for the index in India, with a 4-points gain. At 7:30 am, the Nifty futures were trading virtually unchanged at 14,727 on the Singapore Stock Exchange.

Asian equities are poised to rise on Tuesday after the S&P 500 and Dow indexes set records as a streak of strong U.S. economic data fueled optimism even as a smaller-than-expected climb in 10-year Treasury notes eased inflation concerns.

Australian S&P/ASX 200 futures rose 0.34 per cent in early trading, while Hong Kong’s Hang Seng index futures rose 0.40 per cent.

U.S. stocks rallied on Monday with the Dow and S&P 500 closing at record levels, as a round of strong economic data buoyed investor optimism for the economic reopening and a muted climb in the 10-year U.S. Treasury yield kept inflation worries in check.

The Dow Jones rose 1.13 per cent, the S&P 500 gained 1.44 per cent and the Nasdaq Composite added 1.67 per cent.

Meanwhile, oil fell more than $3 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply.

Brent crude for June fell $3.08, or 4.8 per cent, to $61.78 a barrel by 1:42 p.m. EDT (1742 GMT). U.S. West Texas Intermediate crude for May dropped $3.21, or 5.2 per cent, to $58.24.

On Tuesday, the BSE Sensex fell 870.51 points or 1.74 per cent to 49,159.32 and the Nifty was down 229.60 points or 1.54 per cent at 14,637.80.

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