MARKET LIVE: SGX Nifty indicates a gap-up start for Sensex, Nifty

LIVE market updates: The Indian look set to begin FY22 on a firm note, with the SGX Nifty, up 104 points at 14,850, at 7:30 AM, signaling a gap-up start for benchmark indices today. 

However, weak macro cues could contain the upside for the bulls on Dalal Street. Moreover, India recorded a massive surge of 72,182 Covid-19 cases in the last 24 hours, according to Worldometer.

Global cues

Big tech rallied on Wall Street and as President Joe Biden announced a multi-trillion-dollar infrastructure investment plan. The Nasdaq Composite gained 1.54 per cent, while the S&P 500 gained 0.36 per cent to a fresh peak. But the Dow Jones Industrial Average fell 0.26 per cent.

Biden’s $2 trillion plan to create more affordable housing, rebuild roads, bridges and railways and provide incentives for electric vehicles, unveiled on Wednesday, faces a tough slog in the U.S. Congress, where Democrats hold a slim majority.

Asian stocks edged higher early on Thursday. Australian S&P/ASX 200 futures rose 0.38 per cent in early trading, while Hong Kong’s Hang Seng index rose 0.66 per cent. Japan’s Nikkei zoomed 1 per cent.

In the oil markets, crude prices nursed overnight losses with Brent futures rebounding about 0.5% to $63.03 a barrel and U.S. crude up 0.6% at $59.52. Investors will keep a close watch on OPEC+ meet outcome regarding production levels for May.

(with inputs from Reuters)


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