The domestic stock markets are likely to have a positive opening, continuing with the momentum witnessed on the previous day, due to favourable global cues. Trends on SGX Nifty indicate a positive opening for the index in India, with a 46-point gain. At 7:30 am, the Nifty futures were trading at 14,843, higher by 46 points or 0.37 per cent, on the Singapore Stock Exchange.
Asian markets were mixed on Friday, with Japan’s Nikkei 225 shedding 0.29 per cent and Topix index trading near flat. Kospi rose 0.15 per cent and ASX 200 traded fractionally higher.
The Dow Jones closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while vaccine makers dipped after U.S. President Joe Biden backed plans to waive patents on COVID-19 shots. The Dow Jones rose 0.93 per cent, while the S&P 500 gained 0.82 per cent and Nasdaq Composite climbed 0.37 per cent.
Meanwhile, oil prices edged up in early Asian trade after a 1 per cent dip in the previous session, as global economic recovery and easing travel curbs in the United States and Europe buoyed the fuel demand outlook. Brent crude futures for July were at $68.17 a barrel by 0052 GMT, up 8 cents, while U.S West Texas Intermediate (WTI) crude for June rose 9 cents to $64.80.
On the earnings front, HDFC, UltraTech Cement and Dabur India will announce their Q4 numbers during the day.
On Thursday, the BSE Sensex rose 272.21 points to 48,949.76 and Nifty jumped 106.90 points to 14,724.80.