The plan for a phased exit from Covid-19 lockdown is a positive news for domestic stocks. But the spike in Covid 19 cases in India, US-China tensions over Hong Kong and riots in US may cap gains.
Here’s breaking down the pre-market actions.
STATE OF THE MARKETS
SGX Nifty signals strong start
Nifty futures on the Singapore Exchange traded 171.25 points, or 1.81 per cent higher at 9,653.50 in signs that Dalal Street was headed for a positive start on Monday.
Tech view: MACD giving buy signal
Nifty50 has been forming higher highs and lows for the past few sessions and analysts do not see the positive trend reversing unless a bout of selling takes the index below the 9,300 level in the near term. MACD alos generated a fresh ‘buy’ signal on the daily chart, following Friday’s price action.
Asian shares off to cautious start
Asian share markets started on a cautious note as images of riots in burning US cities unnerved investors. E-Mini futures for the S&P 500 retreated 0.5 per cent in early action. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent, as did Japan’s Nikkei.
Oil slips on concerns over US riots
Oil prices fell due to concerns about riots in major US cities that could staunch demand after trading higher on optimism that OPEC would extend or enhance production cuts at a meeting in June. Brent crude traded down 16 cents a barrel at $37.68 a barrel, in the first day of August trading as the front month. The August contract climbed $1.81, or roughly 5 per cent, on Friday.
US indices closed mixed on Friday
US stocks closed mixed as Wall Street pored through a slew of economic data. On Friday, the Dow Jones Industrial Average fell 17.53 points, or 0.07 per cent, to 25,383.11. The S&P500 rose 14.58 points, or