Markets are likely to open in a positive territory amid exuberant global cues and steady crude oil prices. At 8:01 AM, the SGX Nifty Futures quoted at 16,524 levels, indicating a gap-up of 184 odd-points.
Globally, corporate earnings and lower dollar triggered a fresh rally in the US markets on Tuesday. Dow Jones jumped 2.4 per cent, while the S&P 500 climbed 2.7 per cent and NASDAQ Composite surged 3.1 per cent.
Major markets in Asia-Pacific followed the euphoric sentiment overseas and traded in positive territory on Wednesday morning. While Japan’s Nikkei 225 rose 2.09 per cent, South Korea’s Kospi advanced 1.5 per cent.
Meanwhile, prices of crude oil were steady amid demand worries. WTI Crude hovered around $103 per barrel, whereas Brent Crude was at $106 per barrel.
Back home, oil producers and refining companies will be in focus after the government slashed windfall tax on fuel exports. That apart, IT major Wipro is slated to report their June quarter 2022 (Q1FY23) results on Wednesday, July 20.
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