Markets

Sensex, Nifty Seen Up Amid EU Progress And Vaccine Hopes

(RTTNews) - Indian shares are seen opening sharply higher on Tuesday, mirroring firm global cues as positive data from trials of three potential Covid-19 vaccines, including a closely-watched candidate from Oxford University, and hopes for another round of U.S. stimulus boosted investors' appetite for riskier assets.

With the economic outlook dimming, congressional Republicans said they were working on a $1 trillion relief bill. President Donald Trump said he is bringing back his controversial coronavirus briefings back, beginning today.

Meanwhile, media reports suggest that European Union leaders are close to reaching an agreement on a 750-billion-euro stimulus plan for regional economies hard-hit by the pandemic.

The head of emergencies at the World Health Organization hailed "good news" in results shown by two Covid -19 vaccine candidates in early trials, but warned "there's a long way to go."

Asian markets followed Wall Street higher and gold held near nine-year high while the dollar retreated amid rising coronavirus cases in the U.S.

Oil traded flat after the U.S. Commerce Department added 11 Chinese companies to its economic blacklist, citing their involvement in human rights violations in the western region of Xinjiang.

U.S. stocks advanced overnight as promising early data on a host of Covid-19 vaccine candidates countered fears over a surge in infections in some states.

The Dow Jones Industrial Average inched up marginally and the S&P 500 added 0.8 percent, while the tech-heavy Nasdaq Composite soared as much as 2.5 percent to reach a fresh record closing high.

European markets ended Monday's session on a mixed note as EU leaders struggled to reach a deal on a recovery package and investors reacted to positive news from around the world on the coronavirus vaccine development.

The pan European Stoxx 600 gained 0.8 percent. The German DAX rallied 1 percent and France's CAC 40 index rose half a percent while the U.K.'s FTSE 100 slid half a percent.

Closer home, benchmark indexes Sensex and the Nifty climbed over 1 percent on Monday to extend gains for the fourth straight session, while the rupee rose by 9 paise to close at 74.92 against the U.S. dollar.

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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