A rally on the cards on upbeat global stocks

10 Mar 2022 , 08:34 AM

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 308 points at the opening bell.

On the political front, the elections of the five states – Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur were held in seven phases between 10 February 2022 and 7 March 2022. The results will be announced today, 10 March 2022.

Global markets:

Overseas, Asian stocks rose on Thursday, following an overnight bounce on Wall Street after oil prices fell sharply from a recent surge.

South Koreas Kospi gained, with markets returning to trade from Wednesdays presidential election which saw conservative opposition candidate Yoon Suk-yeol emerging victorious.

US stocks surged on Wednesday, led by financial and tech shares, rebounding from several down days as oil prices pulled back sharply after fanning inflationary fears and investors gauged developments in the Ukraine crisis.

Global oil prices fell on Wednesday by the most in nearly two years after OPEC member United Arab Emirates said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine. Brent crude futures settled down $16.84, or 13.2%, at $111.14 a barrel, their biggest one-day decline since April 21, 2020.

Domestic markets:

Back home, the domestic equity indices surged on Wednesday, extending gains for the second day. Strong uptrend in European stock market and US index futures boosted investors sentiment. The barometer index, the S&P BSE Sensex, jumped 1,223.24 points or 2.29% at 54,647.33. The Nifty 50 index advanced 331.90 points or 2.07% at 16,345.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,818.71 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,275.94 crore in the Indian equity market on 9 March, provisional data showed.

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