At 7.30 am, Nifty futures were trading higher by 0.9 per cent on Singapore Stock Exchange.
The domestic markets are likely to open on a positive note, extending their recent rally into a fifth trading session, tracking global cues after promising trial results from potential COVID-19 vaccines despite rise in virus cases. Trends on SGX Nifty indicate a gap-up opening for the index in India, with a 92 points gain. At 7.30 am, the Nifty futures were trading at 11,114, higher by 92 points or 0.9 per cent on the Singapore Stock Exchange.
Asian shares were set to open higher on Tuesday after U.S. markets gained ground on positive data from trials of three potential COVID-19 vaccines and hopes that the European Union would finalize a recovery fund.
Australian S&P/ASX 200 futures YAPcm1 rose 0.70 per cent in early trade, while Japan's Nikkei 225 futures were up 0.02 per cent.
Wall Street gained ground on Monday and surging technology shares pushed the Nasdaq to a record closing high, as promising trial results from potential COVID-19 vaccines helped investors look beyond spiraling new cases of the disease.
The Dow Jones rose 0.03 per cent, the S&P 500 gained 0.84 per cent and the Nasdaq Composite added 2.51 per cent.
Meanwhile, oil prices were little changed on Monday as coronavirus cases increased in many countries, though a flurry of announcements about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses.
Brent crude settled up 14 cents, or 0.3 per cent, at $43.28 per barrel, while U.S. West Texas Intermediate (WTI) rose 22 cents, 0.5 per cent, to $40.81.
Hindustan Unilever and Axis Bank are among the major companies to announce their quarterly earnings during the day.
The S&P BSE Sensex and NSE Nifty 50 indexes had risen for a fourth day in a row on Monday, led by gains in HDFC Bank after it reported stronger-than-expected June quarter earnings on Saturday. The Sensex ended 399 points or 1 per cent higher at 37,418.99 and Nifty 50 index climbed 120 points or 1.1 per cent to close at 11,022.20.
