At 7:30 am, the Nifty futures were trading lower by 0.2 per cent on Singapore Stock Exchange.
The domestic stock markets are likely to open on a cautious note, after closing at record highs in Tuesday’s session, going by indications from SGX Nifty trading. Early SGX Nifty trends indicate a negative opening for the index in India, with a 22-points loss. At 7:30 am, the Nifty futures were trading at 13,129, lower by 22 points or 0.2 per cent on the Singapore Stock Exchange.
Asian markets were set to climb on Wednesday after Wall Street indexes closed at record highs as investors grow increasingly hopeful about a vaccine to combat rising COVID-19 cases and an economic recovery.
MSCI’s gauge of stocks across the globe gained 0.09 per cent. In early trade, Australia’s S&P ASX 200 also rose about 0.11 per cent. The futures contract for the Nikkei 225 index rose 0.15 per cent and Hong Kong’s Hang Seng index futures rose 0.31 per cent.
The S&P 500 and Nasdaq Composite indexes closed at record highs on Tuesday, with investors betting a COVID-19 vaccine will be available soon, and more confident about a speedy economic recovery following upbeat Chinese factory data.
The Dow Jones rose 0.63 per cent, while the S&P 500 gained 1.13 per cent and Nasdaq Composite climbed 1.28 per cent.
Meanwhile, oil prices extended losses on Wednesday, hit by a surprise build in oil inventories in the United States and as OPEC and its allies left markets in limbo by delaying a formal meeting to decide whether to increase output in January.
Brent crude oil futures were down by 27 cents, or 0.6 per cent, at $47.15 a barrel by 0131 GMT, while West Texas Intermediate crude was down by 29 cents, or 0.7 per cent, at $44.26.
The benchmark indices surged to record highs on Tuesday after data showed a smaller-than-expected contraction in Asia’s third-largest economy and as hopes for a COVID-19 vaccine boosted bets for a quicker economic recovery. The Sensex rose 506 points to close at record high of 44,655 and Nifty 50 index climbed 140 points to settle at 13,109 in Tuesday’s session.