Indian shares look set to open on a flat note Tuesday after sharp gains in the previous session. While global cues remain positive, concerns over surging novel coronavirus cases in six states may keep underlying sentiment cautious somewhat.
There is some cheer on the data front, with GST collections crossing the Rs.1 lakh crore-mark for the fifth month in a row in February, indicating economic recovery.
Benchmark indexes Sensex and the Nifty soared 1.5 percent and 1.6 percent, respectively on Monday while the rupee settled 8 paise lower at 73.55 against the U.S. dollar.
Asian stocks are trading mixed this morning and the dollar stood firm against rivals while oil prices fell sharply in Asian trade on fears of slowing Chinese energy consumption.
U.S. stocks rose the most in months overnight, as Treasury yields dropped, the House passed a $1.9 trillion coronavirus relief bill, manufacturers reported strong growth in activity in February and a third Covid-19 vaccine headed to clinics and pharmacies across the country.
The Dow Jones Industrial Average climbed 2 percent, the S&P 500 rallied 2.4 percent and the tech-heavy Nasdaq Composite soared 3 percent.
European markets also ended on a strong note Monday as upbeat U.S. and Euro area economic data bolstered hopes for a speedy economic recovery.
The pan European Stoxx 600 advanced 1.8 percent. The German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 all rose about 1.6 percent.
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