The stock markets are likely to open flat, with a negative bias, after eight consecutive days of gains, going by early indications from SGX Nifty trading. Trends on SGX Nifty indicate a negative opening for the index in India, with a 38-point loss. At 7:30 am, the Nifty futures were trading at 11,930, lower by 38 points or 0.3 per cent on the Singapore Stock Exchange.
Asian stocks were set to rise on October 13 as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.
MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.11 per cent higher. Australian S&P/ASX 200 futures rose 1.05 per cent and Hong Kong’s Hang Seng index futures rose 0.11 per cent in early trading.
Wall Street surged on Monday, fueled by expectations of a coronavirus relief package and a rally in Amazon, Apple and other technology stocks ahead of quarterly earnings season.
The Dow Jones was up 1.13 per cent, the S&P 500 gained 2.01 per cent and Nasdaq Composite added 3.16 per cent.
Meanwhile, consumer inflation in the country increased to 7.34 per cent in September from 6.69 per cent in the previous month as food prices continued to surge, government data released post market hours on Monday showed. That marked the highest level of inflation recorded since January, and well above the upper end of the RBI’s target range of 2-6 per cent.
Industrial production declined 8 per cent in August, mainly due to lower manufacturing, mining and power generation output, official data on October 12 showed. Manufacturing sector production registered a decline of 8.6 per cent, while the output of mining and power segments fell 9.8 per cent and 1.8 per cent respectively.
On the corporate earnings front, IT major Wipro is likely to announce its numbers for the second quarter of FY2021, during the day
In the commodities market, oil prices were steady in early trade on October 13, sitting on losses of nearly 3 per cent from the previous session after supplies began to resume in Norway and the U.S. Gulf of Mexico and Libya resumed production at its largest oilfield.
U.S. West Texas Intermediate (WTI) crude futures inched up 1 cent to $39.44 a barrel at 0117 GMT, while Brent crude futures rose 2 cents to $41.74 a barrel.
On Monday, the benchmark indices ended higher for the eighth straight session after the Finance Minister Nirmala Sitharaman announced measures to stimulate consumer demand. The Sensex ended 84 points or 0.21 per cent higher at 40,594 and Nifty 50 index rose 17 points or 0.14 per cent to close at 11,931.