The S&P BSE Sensex and NSE Nifty 50 indexes are set to open higher in trade on Friday as indicated by the Nifty futures traded on the Singapore Exchange. The Singapore Nifty futures also known as SGX Nifty was up 78 points or 0.55 per cent at 14,287, indicating a gap up opening for the Nifty. Meanwhile, other Asian markets were also trading higher with Japan hitting a three-decade high as investors looked beyond rising coronavirus cases and political unrest in the United States and bet on an economic recovery later in the year.
Futures for the S&P 500 jumped 1.48 per cent and Japan’s Nikkei 225 rose 0.84 per cent, hitting its highest level since August 1990.
The broadly upbeat mood came after Wall Street hit record highs on Thursday while bond prices fell as markets bet a new Democrat-controlled government would lead to heavy spending and borrowing to support the US economic recovery.
Overnight, stocks on Wall Street hit record levels on Thursday as investors bet a Democrat-controlled Congress will deliver more stimulus spending to help the U.S. economy overcome a steep pandemic-induced downturn.
The Dow, S&P 500 and Nasdaq all set new highs amid growing calls for President Donald Trump’s removal, one day after Trump supporters stormed the US Capitol in a harrowing assault on American democracy.
US House Speaker Nancy Pelosi urged Trump’s immediate removal from office. President-elect Joe Biden accused Trump of fomenting violence and said Wednesday was one of the darkest days in U.S. history.
Back home, foreign institutional investors (FIIs) bought shares worth Rs 382 crore while domestic institutional investors (DIIs) were net sellers to the tune of Rs 989 crore.
Shares of Tata Consultancy Services (TCS) will be in focus today as it kick starts third quarter corporate earnings for Indian companies.