Sensex, Nifty poised for a gap down opening

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slip 84 points at the opening bell. Stocks in Asia-Pacific struggled for direction in Thursday trade as concerns over the economic impact of the omicron Covid variant continue to weigh on investor sentiment. Wall Street’s major averages fell more than 1% on Wednesday after a morning rally faded as investor angst about the latest coronavirus variant soared with the first U.S. case confirmation while the market also digested US Fed’s comments on inflation.

OECD said in its updated economic outlook which warns that low vaccination areas could create “breeding grounds” for deadlier virus mutations.

Domestic markets

The Sensex rallied 619 points, or 1.09%, to 57,684.79, while the Nifty 50 climbed 183 points, or 1.08%, to 17,166 in yesterday’s session.

India’s merchandise exports in November rose by 26.49% to $29.88 billion on account of healthy growth in sectors such as engineering, petroleum, chemicals and marine products, according to provisional data released by the government on Wednesday. The exports stood at $23.62 billion in November 2020.

Imports in November were at $53.15 billion, an increase of 57.18% over $33.81 billion in the same month of 2020, leaving a trade deficit of $23.27 billion.

Foreign institutional investors (FIIs) net sold shares worth Rs 2,765.84 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,467.02 crore in the Indian equity market on December 1, as per provisional data.