The domestic stock markets are likely to open in the green, going by positive global cues and early indications from SGX Nifty. Trends on SGX Nifty indicate a positive opening for the index in India, with a 72-points gain. At 7:30 am, the Nifty futures were trading at 11,844, higher by 72 points or 0.7 per cent on the Singapore Stock Exchange.
Asian markets started higher on Monday, buoyed by hopes of a U.S fiscal package before the U.S. presidential elections next month and expectations of a coronavirus vaccine by the end of this year, though the mood was still cautious as infections jump.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.26 per cent for its second straight day of gains. Japan’s Nikkei climbed about 1 per cent while South Korea’s KOSPI and Australian shares were up 0.7 per cent each.
The S&P 500 had posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data and brought buyers back to the market.
The Dow Jones Industrial Average rose 0.39 per cent and S&P 500 gained 0.47 points; Nasdaq Composite, however, dropped 0.36 per cent.
Meanwhile, oil prices edged up in early Asian trade on Monday ahead of China’s economic growth data, which is expected to show recovery in the top oil importer, offsetting concerns of an impact from the virus’ resurgence on consumption and rising supply.
Brent crude for December inched up 4 cents to $42.97 a barrel by 0018 GMT and U.S. West Texas Intermediate crude was at $40.90 a barrel, up 2 cents, a day before the November contract expires.
On the earnings front, Britannia Industries, HDFC Life Insurance Company, L&T Technology Services, ACC and Rallis India will announce their quarterly numbers during the day.
On Friday, the Sensex advanced 255 points to close at 39,983 and Nifty 50 index rose 82 points to close at 11,762.