Indian shares are likely to open on a positive note Monday, tracking mixed global cues.
While the U.S. and European markets surged on Friday, Asian markets traded mixed this morning and U.S. stock futures slid after Western nations unveiled harsher sanctions on Russia, including cutting off a number of Russian banks from the SWIFT interbank messaging network.
Media reports suggest that the U.S. could be supporting Ukrainian forces with Javelin missiles and Germany with anti-tank weapons and stinger missiles.
Traders also await auto sales figures as well as a slew of economic data in the holiday-shortened week, with markets likely to remain closed on Tuesday for Mahashivratri.
Safe-haven demand boosted bond yields along with the dollar and yen, while the euro sank after Russian President Vladimir Putin put Russia’s nuclear deterrent on high alert, citing aggressive statements by leading NATO countries.
Gold rose more than 1 percent and oil prices jumped more than 4 percent while Bitcoin held losses after retreating below $38,000.
U.S. stocks posted strong gains on Friday as the West’s seeming unwillingness to target Russia’s energy sector helped ease worries about a spike in oil and gas prices. Hopes of peace talks between Russia and Ukraine also underpinned sentiment.
The Dow climbed 2.5 percent, the tech-heavy Nasdaq Composite surged 1.6 percent and the S&P 500 added 2.5 percent.
European stocks closed on a buoyant note on Friday as investors monitored the potential for further sanctions against Moscow.
The pan-European Stoxx 600 rallied 3.3 percent, after having reached its lowest point since the start of 2022 in the previous session.
The German DAX jumped 3.7 percent, France’s CAC 40 index spiked 3.6 percent and the U.K.’s FTSE 100 soared 3.9 percent.
Market Analysis
Sensex, Nifty Seen Opening On Cautious Note
2022-02-28 03:04:12