The domestic stock markets are likely to open in the red, post the 1 per cent gains in the previous trading session, going by muted cues from Asia and a shaky start in Singapore Nifty trading. Trends on SGX Nifty indicate a negative opening for the index in India, with a 43 points loss. At 7:30 am, the Nifty futures were trading at 11,844, lower by 43 points or 0.4 per cent on the Singapore Stock Exchange.
Asian markets looked set for another weaker opening on Wednesday as worries about a surge in coronavirus cases and dwindling hopes for a U.S. stimulus package kept investors gloomy.
Australia’s ASX 200 opened down about 0.43 per cent, while Japan’s Nikkei 225 futures were down 0.36 per cent. Hong Kong’s Hang Seng index futures were up 0.4 per cent.
Stocks on Wall Street closed little changed on Tuesday, with the Dow and S&P 500 slipping on disappointing earnings and little hope for a U.S. coronavirus stimulus before Election Day, though the Nasdaq rose ahead of big technology company results.
The Dow Jones Industrial Average fell 0.8 per cent and S&P 500 lost 0.30 per cent, while Nasdaq Composite added 0.64 per cent.
Meanwhile, oil rose on Tuesday towards $41 a barrel as oil companies shut down some U.S. Gulf of Mexico oil output due to a hurricane, although surging coronavirus infections and rising Libyan supply limited gains.
Brent crude was up 52 cents, or 1.3 per cent, at $40.98 a barrel by 1028 GMT. U.S. oil gained 38 cents, or 1 per cent, to $38.94. Both contracts fell more than 3 per cent on Monday.
On the corporate earnings front, L&T, Axis Bank, Hero MotoCorp, Dr Reddy’s Laboratories and Titan Company announced their Q2 numbers during the day.
On Tuesday, the BSE Sensex had ended 377 points or 0.94 per cent higher at 40,522 and NSE Nifty had advanced 122 points or 1.03 per cent to close at 11,889.