Domestic stock markets are likely to start the first session of the week on a positive note, extending the gains of the last three sessions, tracking gains in Asian equities. Trends on SGX Nifty indicate a positive opening for the index in India. At 8:00 am, the Nifty futures were trading at 10,667, higher by 79 points or 0.7 per cent, on the Singapore Stock Exchange.
Asian shares held near four-month highs on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery even as surging coronavirus cases delayed reopenings across the United States.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 per cent, having hit its highest since February. Eyes were on Chinese blue chips, which surged almost 7 per cent last week to their loftiest level in five years. Japan’s Nikkei, however, has lagged with its domestic economy and was last up 0.4 per cent. E-Mini futures for the S&P 500 firmed 0.3 per cent.
The US stock markets were shut on Friday on account of Independence Day.
Meanwhile, oil prices were mixed as coronavirus spike casts shadow over US demand. Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while US benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States.
Brent crude rose 11 cents, or 0.3 per cent, to $42.91 a barrel by 0109 GMT after a 4.3 per cent gain last week, while US West Texas Intermediate crude was at $40.35, down 30 cents, or 0.7 per cent, from its previous settlement on Thursday.
Domestic stock markets had extended gains to a third straight session on Friday. The Sensex ended 168.57 points – or 0.47 per cent – higher at 36,012.27, and the Nifty settled at
10,607.35, up 55.65 points – or 0.53 per cent