Indian market is expected to reopen the gap up following its international peers after Optimism around the resumption of economic activity. Trends on SGX Nifty shows a gap up opening for the index in India with a 97 points gain.
Equity market benchmarks Sensex and Nifty closed in the green for the fifth consecutive session on June 2, tracking great positive Asian peers. Optimism around the resumption of economical activity.
Sensex ended with a gain of 522 points, or 1.57 %, at 33,825.53 and the Nifty closed 153 points, or 1.56 %, higher at 9,979.10.
Asian Markets stocks were poised to check the global rally on Wednesday, June 3 as hopes of more government stimulus bolstered riskier goods and overshadowed a host of other worries by the COVID-19 Pandemic to Hong-Kong and growing U.S. civil while unrest.
Running Trends on SGX Nifty indicate a little gap up opening for the index in India with a gain of 97 points. The Nifty futures were trading at 10,076 on the Singaporean Exchange around 07:30 hours IST.
Source – moneycontrol
Oil rose three months high over hopes for output cuts
Oil rose on June 3 to at least three months high amid optimism that major producers will increase production cuts as the world recovers from the COVID-19.
Brent crude was on 22 cents, or 0.6 percent, at $39.79, by 0003 GMT, the highest yet March 6, having gained 3.3 percent on Tuesday, June 2. U.S. West Texas Intermediate crude gained 33 cents, or 0.9 percent, at $37.14, also the highest since March 6. The contract ended the last session up to 3.9 percent.
Pandemic impact | Over one-third MSMEs to shut up shop
Around one-third of micro-small and medium enterprises (MSMEs) have started ending their operations as recovery from the coronavirus outbreak seems tough. The All India Manufacturers’ Organisation (AIMO) told that government’s financial package for MSMEs was a little insufficient, The Economic Times reported.
As per an AIMO survey, around 35 % of MSMEs and 37 % of self-employed persons have started closing their businesses, the report said that.
World Bank, COVID-19 to leave ‘lasting scars” on the developing world
The World Bank said these on June 2 that it expects the COVID-19 Impact and resulting recessions to ignore “lasting scars” on growing and developing market countries, with the worst damage on oil exporters and those suffering economical crises.
By analytics its new Global Economic Prospects (GEP) report, the World Bank said that the average emerging market nation struggling a economical crisis could see potential rest output fall by 8 % over a five-year period, with lost output for growing and developing oil exporters falling 11 %.
All information input from reuters and other agencies