Indian shares look set to open a tad higher on Monday, with firm global cues and optimism surrounding the gradual unlocking of the economy likely to support sentiment.
Oil price movements will be closely monitored after oil prices ended higher for the second day running on Friday amid signs of falling U.S. inventories.
Earnings announcements and readings on industrial output and inflation may sway market mood as the week progresses.
Around 75 companies will announce their June quarter earnings this week, prominent among them being Infosys, Wipro, Mindtree and Larsen & Toubro.
Industrial output and manufacturing production figures for May along with consumer price inflation data for June will be released later today. The WPI inflation numbers will be out on Wednesday.
Asian markets started the week higher and Treasury yields held steady as investors waited for cues from key U.S. inflation data due on Tuesday and testimony by Federal Reserve Chair Jerome Powell on Wednesday and Thursday.
Oil traded flat after its first weekly loss in seven amid uncertainty about supplies after the collapse of OPEC+ talks.
U.S. stocks hit record highs on Friday as Treasury yields extended their rise, helping offset lingering worries about the spread of the new COVID-19 variants.
The Dow rallied 1.3 percent, the tech-heavy Nasdaq Composite added 1 percent and the S&P 500 advanced 1.1 percent.
European markets rose sharply on Friday, riding on gains in travel-related stocks and miners.
The pan European Stoxx 600 gained 1.3 percent. The German DAX surged 1.7 percent, France’s CAC 40 index jumped 2.1 percent and the U.K.’s FTSE 100 climbed 1.3 percent.
Market Analysis
Sensex, Nifty Seen Higher At Open
2021-07-12 02:47:29
