Markets Set to Stage Gap Up Opening, Nifty Seen Opening Above 14,500

The SGX Nifty or Nifty futures on Singapore Exchange rose 140 points or nearly 1 per cent to 14,570.

Indian equity benchmarks are set to stage a gap up opening as indicated by the Nifty futures traded on Singapore Exchange. The SGX Nifty or Nifty futures on Singapore Exchange rose 140 points or nearly 1 per cent to 14,570 indicating that the Nifty would open above its important psychological level of 14,500 after crashing for two sessions in a row. After two days of steep declines the markets were oversold and were expected to stage a bounce which would be seen in today's session, analysts said. Overnight, dollar rallied to four-month highs and global equity benchmarks edged higher Thursday as investors looked past rising coronavirus cases in Europe and focused on signs that the US economy was rebounding from the pandemic faster than anticipated. Oil prices sank after surging on Wednesday when a container ship became stuck in the Suez Canal. The ship may block the vital shipping lane for weeks.