Sensex, Nifty Likely To Have A Gap-Down Opening

Edited by Peter Noronha

24 Sep 2020, 08:17 AM IST

At 7:30 am, the Nifty futures were trading lower by 1.2 per cent on Singapore Stock Exchange.

The domestic stock markets are likely to have a gap-down opening, following weak global cues. Trends on SGX Nifty indicate a gap-down opening for the index in India, with a 127-point loss. At 7:30 am, the Nifty futures were trading at 11,007, lower by 127 points or 1.2 per cent, on the Singapore Stock Exchange.

Asian stocks opened lower on Thursday, tracking a sharply lower Wall Street session amid fresh concerns that the global economic recovery is running out of steam.

In Asia, E-mini futures for the S&P 500 fell 0.11 per cent, Australia's S&P/ASX 200 lost 1.6 per cent and Japan's Nikkei 225 declined 0.56 per cent. Hong Kong's Hang Seng index futures dropped 0.92 per cent.

Wall Street's main indexes fell sharply on Wednesday after data showing a cooling of U.S. business activity and the stalemate in Congress over more fiscal stimulus heightened concerns about the economy, while the coronavirus pandemic remains unchecked.

The Dow Jones fell 1.92 per cent, S&P 500 lost 2.37 per cent and Nasdaq Composite dropped 3.02 per cent.

Meanwhile, oil prices edged higher on Wednesday, supported by U.S. government data that showed crude and fuel inventories dropped last week, though concerns about the ongoing coronavirus pandemic capped gains.

Brent crude rose 5 cents to settle at $41.77 a barrel. U.S. West Texas Intermediate crude gained 13 cents to settle at $39.93 a barrel.

On Wednesday, the benchmark indices declined for the fifth straight day; The Sensex ended 66 points or 0.17 per cent lower at 37,668 and Nifty 50 index fell 22 points to close at 11,132.