Nifty futures were trading around 11,039-level on the Singaporean Exchange.
The Nifty50 is expected to open flat on Tuesday. tracking Asian markets which nudged higher as hopes for stimulus in major economies tempered anxiety about a global recession, helping boost riskier assets and drawing money from safe-havens such as bonds and gold.
Overnight, US markets rallied on hopes of global economic stimulus. The benchmark S&P 500 has recovered most of its losses following Wednesday's brief inversion of the yield curve between 2-year and 10-year Treasuries, commonly viewed as an indicator of a recession within the next two years. After falling nearly 3% on Wednesday, the S&P 500 has risen for the last three sessions.
The Dow Jones Industrial Average rose 249.78 points, or 0.96%, to 26,135.79, the S&P 500 gained 34.97 points, or 1.21%, to 2,923.65 and the Nasdaq Composite added 106.82 points, or 1.35%, to 8,002.81.
The BSE Sensex gained 52.16 points at 37,402.49 while the Nifty50 rose 6.10 points to 11,053.90
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a with 0.16 percent loss or 17.5 points. Nifty futures were trading around 11,039-level on the Singaporean Exchange.
Crude oil prices slipped on Tuesday, but losses were limited as equity markets rallied and as traders hoped Sino-US trade tensions would ease. Brent crude had slipped 3 cents, or 0.05%, to $59.71 a barrel by 0147 GMT, after rising 1.88% on Monday.
The Indian rupee weakened by 28 paise to close at 71.43 per dollar.
On the institutional front, FPI were net sellers in Indian markets for Rs 306 crore while DIIs were net buyers to the tune of Rs 386 crore, provisional data showed.
Stocks in news:
Microfinance lender Spandana Sphoorty Financial made a tepid debut on the market on August 19. The stock listed at a 4 percent discount to the issue price of Rs 856, and while it recovered partially, the closing price of Rs 848.40 was about 1 percent below the issue price.
Shares of Sun Pharmaceutical Industries climbed 2.6 percent to Rs 425.80 on August 19 after the US health regulator classified company's Halol plant as 'No Action Indicated'.Shares of DHFL jumped 6.86 percent to Rs 49.05 on August 19 after media reports suggested that the lenders to the company agreed to work on a resolution
plan which includes converting part loans to equity.
We spoke to HDFC Securities and here’s what they have to recommend:
MCX India: Buy | LTP: 865 | Stop Loss: Rs 830 | Target: Rs 935 | Upside 8%
Hero MotoCorp: Buy | LTP: Rs 2,637 | Stop Loss: Rs 2,500 |Target: Rs 2,800 | Upside 6%
Marico: Buy | LTP: Rs 394.95 | Stop Loss: Rs 380 | Target: Rs 423 | Upside 7%Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.The Great Diwali Discount!
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