Domestic stock markets are likely to start Tuesday’s session on a positive note, rebounding a day after sharp losses in financial stocks pulled benchmark indices 2 per cent lower. The markets tracked global peers where world growth outlook dampened following a surge in coronavirus cases outside China. The Singapore Exchange (SGX) Nifty futures – an early indicator of the National Stock Exchange (NSE) Nifty index in India – rose as much as 77.5 points to touch 11,898.50 ahead of the opening of Indian markets on Tuesday.
At 8:34 am, the SGX Nifty futures were up 57.00 points – or 0.48 per cent – at 11,878.00.
Equities in other Asian markets were mixed after a wave of early selling petered out and Wall Street futures managed a solid bounce, allowing investors to take a break from coronavirus fears.
South Korea’s hard-hit market edged up 0.8 per cent and helped MSCI’s broadest index of Asia-Pacific shares outside Japan fight back to flat.
Japan’s Nikkei was still down 2.8 per cent, but just catching up to the global sell-off having been shut on Monday. Shanghai blue chips eased 0.7 per cent but also off early lows.
On Monday, the S&P BSE Sensex had declined 806.89 points – or 1.96 per cent – to end at 40,363.23 and the broader NSE Nifty benchmark dropped 251.45 points – or 2.08 per cent – to settle at 11,829.40.