The stock markets are likely to open in the green, extending the gains of the past seven trading sessions, going by early indications from trading in SGX Nifty. Trends on SGX Nifty indicate a positive opening for the index in India, with a 50-points gain. At 7:30 am, the Nifty futures were trading at 12,011, higher by 50 points or 0.5 per cent on the Singapore Stock Exchange.
Asian stock markets began the week with cautious gains on Monday, as investors clung to hopes for U.S. stimulus spending, while the dollar firmed after a Chinese central bank policy tweak unwound some of the yuan’s steep gains.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent in early trade. Australia’s S&P/ASX 200 was 0.1 per cent higher and New Zealand’s NZ50 crept up to a record peak. Japan’s Nikkei slipped 0.3 per cent.
U.S. stocks rose on Friday and the S&P 500 and Nasdaq registered their biggest weekly percentage gains since July as optimism over more federal fiscal aid grew.
The Dow Jones rose 0.57 per cent, the S&P 500 gained 0.88 per cent and Nasdaq Composite added 1.39 per cent.
Meanwhile, oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.
Brent crude for December fell 55 cents, or 1.3 per cent, to $42.30 a barrel by 0023 GMT and U.S. West Texas Intermediate for November was at $40.08 a barrel, down 52 cents, or 1.3 per cent.
IT major Wipro will announce its quarterly numbers during the day.
On the IPO front, Mazagon Dock Shipbuilders and UTI AMC shares will be listing on the bourses at 10 am.
On Friday, the Sensex and Nifty rose for seventh session in a row, led by gains in banking and financial services shares.
The Sensex ended 327 points or 0.81 per cent higher at 40,509 and Nifty climbed 80 points to close at 11,914.