Indian shares are seen opening slightly lower on Monday despite nationwide lockdowns helping bring down the coronavirus caseload.
India on Sunday became the third country after the U.S. and Brazil to register over 3 lakh deaths due to COVID-19. However, the fatality rate is among the lowest when compared to other hard-hit countries.
The country registered 2,40,842 new cases and 3,741 fatalities over the past 24 hours, marking the seventh straight day when coronavirus cases remained below the 3 lakh-level.
With the situation showing significant improvement, many states are expected to start relaxing restrictions after June 1.
Meanwhile, the fourth-quarter earnings season will come to an end this week, with Bank of Baroda, BPCL, Divis Laboratories, Eicher Motors, Grasim Industries, Mahindra & Mahindra and Sun Pharma due to report their results.
Container Corporation of India, Godrej Industries, JSW Steel, Shree Cement and United Spirits have unveiled their earnings results after market hours on Friday.
Asian markets are trading mixed this morning amid lingering concerns about the outlook for inflation. The dollar held near three-month low while gold traded near four-month highs.
Oil prices rose after a storm formed in the Gulf of Mexico and Iran said a three-month nuclear monitoring deal had expired. Bitcoin rose to about $35,500 following another weekend of big price swings.
U.S. stocks ended mixed on Friday as inflation concerns and talk of tapering kept investors on the edge. Traders also digested data showing that U.S. home sales fell for a third straight month in April.
The S&P 500 ended little changed with a negative bias and the tech-heavy Nasdaq Composite shed half a percent while the Dow rose 0.4 percent.
European stocks ended Friday’s session broadly higher after the release of positive euro zone PMI data and U.K. retail sales numbers.
The pan European Stoxx 600 advanced 0.6 percent. The German DAX edged up 0.4 percent and France’s CAC 40 index gained 0.7 percent while the U.K.’s FTSE 100 finished marginally lower.
Market Analysis
Sensex, Nifty Seen Opening On Softer Note
2021-05-24 02:45:52
