At 07:30 am, Nifty futures were trading higher by 0.6 per cent on Singapore Stock Exchange.
The domestic stock markets are likely to open in the green, following two successive days of losses, following strength in global markets and positive indications from SGX Nifty. Trends on SGX Nifty indicate a positive opening for the index in India, with a 61 points gain. At 07:30 am, the Nifty futures were trading at 11,180, higher by 61 points or 0.6 per cent, on the Singapore Stock Exchange.
Stocks in Asia Pacific were higher in Tuesday morning trade as investors continued to monitor developments on the coronavirus front. Nikkei rose 0.39 per cent while the Topix index advanced 0.27 per cent.
Wall Street's main indexes had closed higher on Monday as investors bet on some of the market's most high-profile stocks ahead of earnings reports while they weighed progress in US government stimulus efforts against rising US COVID-19 cases.
The Dow Jones rose 0.43 per cent, the S&P 500 gained 0.74 per cent and Nasdaq Composite added 1.67 per cent.
Meanwhile, oil prices rose for a third straight day on Tuesday, buoyed by support for demand coming from efforts to stimulate the U.S. economy's recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers.
Brent crude futures climbed 35 cents, or 0.8 per cent, to $43.76 a barrel at 0118 GMT, adding to a 0.2 per cent gain on Monday. U.S. West Texas Intermediate (WTI) crude futures gained 27 cents, or 0.7 per cent, to $41.87 a barrel, building on a 0.75 per cent rise on Monday.
The 15th Finance Commission Chairman NK Singh said on Monday that India will see a sharp V-shaped recovery in the third and fourth quarter of this fiscal, but FY21 GDP growth will be in negative territory as the coronavirus lockdown led to serious demand and supply dislocations.
On the earnings front, UltraTech Cement, Nestle India, IDBI Bank, IDFC First Bank, and RBL Bank will be among the major companies to declare their Q1 numbers during the day.
The S&P BSE Sensex and NSE Nifty 50 indexes fell for second session in a row on Monday as banking shares came under intense selling pressure after the Reserve Bank of India warned that the bad loan ratio in the banking industry could rise to at least 12.5 per cent by March 2021, from 8.5 per cent in March 2020. The Sensex had ended 194 points lower at 37,934.73 and Nifty 50 index declined 62 points to settle at 11,132.
