Nifty to open higher on global optimism

After a stellar rally on Monday, the markets are expected to build on gains today as the global markets traded higher, owing to vaccine development as well as US election clarity.

The US markets were seen touching record highs after a positive development on the vaccine front. Pfizer announced that its vaccine is more than 90 per cent effective; however, the vaccine will not be available until next year. US markets also inched higher owing to expected earnings upgrades across various groups of companies.

Dow was up by 2.95 per cent, S&P 500 gained by 1.17   per cent while Nasdaq was down by 1.53 per cent.

European markets closed 4 per cent higher as the markets discounted Biden’s win even as positive news on the vaccine provided further push to equity prices.

Asian markets have opened higher on Tuesday after taking cues from the US markets. However, most of the markets have slipped from their respective highs with Shanghai slipping into the red during the early hours of Tuesday.

Monday’s session saw banks leading the market rally with the help of Bharti Airtel. Metals shined even as broader markets gained while underperforming the key benchmark indices.

SGX Nifty is showing a gap-up opening for Nifty on Tuesday, buoyed by global optimism. SGX Nifty is trading 1.6 per cent higher as of now thereby, indicating a good start for the bulls.