Stock market today LIVE Updates: Markets likely to open negative, SGX Nifty trading down; Asian markets mildly up

09:08 (IST)

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08:49 (IST)

Markets to open weak

Aditya Agarwala, Senior Technical Analyst, YES Securities, “The Indian markets are slated to open marginally in the red as guided by the SGX Nifty which is currently trading down 33 points from previous close. Further, early risers in Asia are showing a mixed reaction in opening trades. NIKKEI, HANGSENG, JAKARTA and STRAIT are trading marginally in the red while TAIWAN and SHANGHAI markets are in the green. Overnight US markets ended trade in the green with handsome gains, however, Dow Jones Futures currently is trading in the red with a cut of 0.50% which could weigh on Indian markets as well.   

"The Nifty ended trade the previous session with a strong closing gain of 2%. Banking stocks lead the charge to pull the Nifty higher in late trade. However, following a GAP down opening in today’s session it will be crucial for the Bulls to keep the Nifty Index above the 9,000 support zone, a sustained trade above 9000 could trigger another short covering rally taking the Index to levels of 9160-9250. On the flip side if bears push the Index below the 9000 levels then fresh bouts of selling may drag it lower to levels of 8950-8900-8870. Overall Nifty continues to oscillate within a broad range between 8,800-9,300.”

Stock market today LIVE Updates: Markets likely to open negative, SGX Nifty trading down; Asian markets mildly up

Washington: Asian shares were poised to open higher on Thursday after global equities and crude prices rallied overnight on hopes of a rapid economic recovery and government support.

Hong Kong futures edged higher. Nikkei futures were trading above the Nikkei 225 index's previous close. Australian shares were also set to rise.

Global equities have received a boost this week as governments around the world gradually loosened their coronavirus lockdown restrictions, raising investor hopes the economic impact of the pandemic would be short-lived.

MSCI’s gauge of stocks across the globe broke out of a three-week trading range overnight, and oil prices rallied as US data showed declining inventories and firming demand.

On Wall Street, the Dow Jones Industrial Average rose 1.52 percent, the S&P 500 gained 1.67 percent, and the Nasdaq Composite added 2.08 percent.

“A solid night for risk, with equities working, crude and copper pushing higher and again that should spill over into Asia trade,” Chris Weston, head of research at Melbourne-based brokerage Pepperstone, said in a note.

Copper prices hit a two-month high ahead of a Chinese government meeting this week that is expected to boost demand with pledges of higher spending on infrastructure.

Minutes from the US Federal Reserve’s April meeting released on Wednesday showed policymakers affirmed a pledge to keep interest rates near zero until they are confident the economy is on track to recovery.

The euro opened higher as the US dollar sank against major currencies. The common currency was buoyed by a proposal for a common fund that could move Europe closer to a fiscal union as it tries to counter the hit from the coronavirus pandemic.

Gold prices were slightly lower, under pressure from increased risk appetite, which lifted equities. Earlier, bullion was boosted by doubts about the development of a coronavirus vaccine and a wave of government stimulus.

The World Health Organization expressed concern on Wednesday about the rising number of new coronavirus cases in poor countries, even as many rich nations have begun emerging from lockdown.

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