Markets Likely To Open Positive Tracking SGX Nifty

Indian benchmark indices extended its last week rally on Monday despite mixed global cues amid thin volumes at FIIs desk, driven by rally in pharma and banking shares. The Sensex ended above 26,000-mark, gain 195.42 points or 0.76% to 26,034.13 and the Nifty reclaim 7,900 mark, surged over 64 points or 0.82% to 7,925.15. The broader markets front, the BSE Mid-cap and Small-cap index up 0.47% and 0.14% respectively. The Indian rupee continued to rule higher against USD for the eighth straight session as it rose 7 paise to 66.14 on increased selling of the US currency by exporters and banks.

On the global front, U.S. stocks rebounded Monday weighed down by a drop in energy stocks and oil prices however it’s recovering a significant portion of their losses from the morning trade. The S&P 500 fell 4.49 points, or 0.2%, to finish at 2,056.50, while the Dow Jones Industrial Average dipped 23.90 points, or 0.1%, to close at 17,528.27. The Nasdaq Composite finished off 7.51 points, or 0.2%, to close at 5,040.99.

WTI crude price fell USD 1.29, or 3.4%, to USD 36.81 a barrel, snapping a four-session winning streak and Brent, the global benchmark, slipped USD 1.27, or 3.35%, to USD 36.62 a barrel.

European equities too closed lower on Monday, as oil prices fell. The U.K. market remained closed. The Stoxx Europe 600 index fell 0.5%, to 364.5. Germany’s DAX fell 0.5% to 10,654 and France’s CAC 40 lost roughly 1% to 4,618.

Asian stocks mostly edged down on Tuesday, after crude oil prices resumed their slide and cooled investor sentiment. Japan’s NIKKEI 225 index recovered earlier loses and traded at flat while South Korea's KOSPI fell 0.25%. Australia’s S&P/ASX 200 Index climbed 0.47% after returning from a four-day break. Chinese markets traded lower, with the main Shanghai Composite index down 0.18% at 3,527.39.

A SGX Nifty 50 index future for December Series traded up 31 points at 7,929. Indian market may open in green tracking SGX Nifty. Investors will remain cautious ahead of F&O expiry of the December series, scheduled for December 31.