25 February 2021
Intern: Prashanti Forex
The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a gap-up opening for the index in India with a 219 points gain.
Sensex closed 1030 points, or 2.07 percent, higher at 50,781.69 while Nifty jumped 274 points or 1.86 percent to 14,982. BSE Midcap and Small-cap indices closed 0.77 percent and 1.08 percent higher, respectively.
Shares on Wall Street ended higher on Wednesday, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell’s comments calmed inflation worries.
The Dow Jones Industrial Average closed up 424.51 points, or 1.35%, to 31,961.86, the S&P 500 gained 44.06 points, or 1.14%, to 3,925.43 and the Nasdaq Composite added 132.77 points, or 0.99%, to 13,597.97.
Asian stocks perked up on Thursday after U.S. Federal Reserve Chair Jerome Powell reaffirmed interest rates would stay low, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot.
Australia’s S&P/ASX 200 rose 0.90% in early trade while Japan’s Nikkei 225 added 1.37%. Hong Kong’s Hang Seng index futures rose 0.92%.
Trends on SGX Nifty indicate a gap-up opening for the index in India with a 219 points gain. The Nifty futures were trading at 15,025 on the Singaporean Exchange around 07:30 hours IST.
Oil rises after data shows slump in U.S. output amid Texas freeze
Oil prices climbed on Wednesday to fresh 13-month highs after U.S. government data showed a drop in crude output after a deep freeze disrupted production last week.
Brent crude futures rose $1.67, or 2.6%, to settle at $67.04 a barrel. The global benchmark hit a session high of $67.30 a barrel. U.S. West Texas Intermediate (WTI) crude futures ended $1.55, or 2.5%, higher at $63.22 a barrel.