At 7:00 am, the Nifty futures were trading higher by 0.4 per cent on Singapore Stock Exchange.The domestic stock markets are likely to open in the green, after closing at record highs for the second straight session on Tuesday, going by strong cues from Asia and positive indications from SGX Nifty.
Trends on SGX Nifty indicate a positive opening for the index in India, with a 40-points gain.
At 7:00 am, the Nifty futures were trading at 12,695, higher by 40 points or 0.4 per cent on the Singapore Stock Exchange.Asian shares rose on Wednesday as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy, which would help the region's heavily trade-dependent markets.Australia's benchmark S-P/ASX 200 climbed 1.05 per cent.
New Zealand's benchmark S-P/NZX 50 index rose around 0.6 per cent, Japan's Nikkei 225 added 1.1 per cent, and Hong Kong's Hang Seng index futures rose 0.09 per cent.Overnight, the Nasdaq had closed 1.4 per cent lower and the S-P dipped slightly as investors sold off technology stocks that benefited from virus lockdowns, favoring sectors that have suffered most during the pandemic on hopes a COVID-19 vaccine will turn the economy around.
The S-P 500 lost 0.14 per cent, to 3,545.53.On the other hand, the Dow Jones Industrial Average rose 0.9 per cent.Meanwhile, oil ended nearly 3 per cent higher on Tuesday as hopes that a COVID-19 vaccine is on the horizon outweighed worries about a drop in fuel demand from new lockdowns to contain the virus.Brent crude futures settled up $1.21, or 2.9 per cent, at $43.61 per barrel.
United States West Texas Intermediate (WTI) crude futures gained $1.07, or 2.7 per cent, to $41.36.On the earnings front, Coal India, Aurobindo Pharma, Aban Offshore, Abbott India and Ansal Housing are among companies to declare their quarterly earnings during the day.The benchmark indices had closed at record Highs on Tuesday, with the Sensex rallying 680 points or 1.60 per cent to close at 43,277.65 and NSE Nifty advancing 170 points or 1.36 per cent to settle at 12,631.