Sensex, Nifty Seen Lower At Open

(RTTNews) - Indian shares may open a tad lower on Friday as the number of positive coronavirus cases in the country rose to 2069 with 155 cured and 53 deaths as on April 2.

With the Tablighi Jamaat meet which had taken place in New Delhi emerging as the latest hotspot in the country, it is expected that the number of cases could shoot up to 10,000 over the next two weeks.

An official statement said Prime Minister Narendra Modi has called for the formulation of a common exit strategy to ensure a staggered re-emergence of the population once the 21-day lockdown ends.

Sluggish auto sales figures, falling tax revenues, weak manufacturing data for March and a sharp rebound in oil prices on Thursday may also weigh on markets as the session progresses.

Crude oil prices skyrocketed on Thursday amid hopes the price war between Saudi Arabia and Russia would end soon. U.S. President Donald Trump tweeted later in the day that he expects a sharp 15 million barrels output cut from Russia and Saudi Arabia.

West Texas Intermediate Crude oil futures for May ended up $5.01, or about 25 percent, at $25.32 a barrel. Brent Crude futures moved up $5.20, or about 21 percent, to $29.94 a barrel.

Indian markets were closed on Thursday on the eve of Sri Rama Navami festival. Benchmark indexes Sensex and the Nifty plunged around 4 percent on Wednesday amid virus worries.

Asian markets are trading mixed this morning after crude prices notched their biggest one-day surge on record, helping offset recession worries.

The dollar rose for a second straight session and gold hovered near the $1600 mark after another large jump in first-time jobless claims in the U.S. while oil prices fell in Asian trading.

U.S. stocks rose sharply overnight as investors reacted to news about rising coronavirus cases, record jobless claims in the U.S., and a whopping rise in crude oil prices amid reports suggesting a likely end to the price war in the oil market.

The Dow Jones Industrial Average rallied 2.2 percent, the tech-heavy Nasdaq Composite surged 1.7 percent and the S&P 500 added 2.3 percent.

European stocks ended higher on Thursday after a late-session rally in the energy sector.

The pan European Stoxx 600 added 0.4 percent. The German DAX and France's CAC 40 index both edged up about 0.3 percent, while the U.K.'s FTSE 100 gained half a percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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