Indian shares are likely to open a tad higher on Tuesday after oil prices fell sharply overnight on concerns about the global economy and the outlook for energy demand due to the coronavirus outbreak, which has infected more than 40,600 people globally.
West Texas Intermediate Crude oil futures ended down about 1.5 percent at $49.57 a barrel, the lowest settlement for a front-month contract since early January 2019. Brent crude futures declined about 2 percent to $53.33 a barrel.
As the session progresses, sentiment may be swayed by the 2020 Delhi assembly election results.
Benchmark indexes Sensex and the Nifty fell around half a percent on Monday while the rupee ended up by 10 paise to close at 71.30 against the U.S. dollar.
Asian markets edged higher this morning as traders seemed reassured by Chinese President Xi Jinping’s pledge to win the fight against the coronavirus outbreak.
Jinping said in remarks on state television that China will speed up the development of drugs aimed at treating the deadly pneumonia-like virus.
Overnight, U.S. stocks recovered from an early slide to close higher as signs of strength in the domestic economy helped investors shrug off coronavirus concerns.
The Dow Jones Industrial Average rose 0.6 percent, while the S&P 500 gained 0.7 percent and the tech-heavy Nasdaq Composite surged 1.1 percent to end the session at fresh record highs.
European markets ended Monday’s session on a mixed note after a surprisingly strong showing for the Sinn Féin party in Ireland’s general election.
The pan European Stoxx 600 edged up 0.1 percent. The German DAX and France’s CAC 40 index both slid 0.2 percent while the U.K.’s FTSE 100 shed 0.3 percent.
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