Indian shares look set to open flat to slightly higher on Monday amid mixed global cues.
Benchmark Indexes Sensex and the Nifty fell about 2.5 percent each last week, marking their biggest weekly fall in eight months amid muted global cues and profit booking by foreign and domestic institutional investors on concerns over expensive valuations.
Automakers will start releasing their October sales data from today. In economic releases, manufacturing PMI data will be released later today while services PMI data for October will be released on Wednesday.
Foreign exchange reserves figures for the week ended October 29, and deposit and bank loan growth for fortnight ended October 22 will be released on Friday.
Bharti Airtel, Divis Laboratories, Eicher Motors, HDFC, HPCL, IRCTC, SBI, Sun Pharma and Tata Motors are among the prominent companies that will unveil their quarterly earnings results in the holiday-shortened week.
Markets will be open only for an hour in the evening for Lakshmi Poojan on November 4 on the occasion of Diwali while there will be no trading on Friday on account of Diwali Balipratipada.
Asian markets traded mostly higher this morning as Australia eased its international border restrictions for the first time during the coronavirus pandemic and Japanese Prime Minister Fumio Kishida’s coalition kept a comfortable majority in Sunday’s parliamentary election.
The dollar held near a 2 1/2-week high against its major peers as quickening inflation in the United States boosted the case for earlier Federal Reserve interest rate hikes.
The Federal Reserve concludes a two-day policy meeting on Wednesday, with investors likely to watch the commentary related to tapering schedule and indication of interest rate hikes.
Oil prices fell in Asian trade after China released reserves of gasoline and diesel to boost supply and support price stability in some regions. Investors were also unwinding long positions ahead of an OPEC+ meeting on Nov. 4.
U.S. stocks eked out modest gains on Friday to reach new record closing highs despite disappointing earnings results from tech giants Apple and Amazon and data showing a gain in employment costs and consumer inflation for September.
The Dow and the tech-heavy Nasdaq Composite rose around 0.3 percent each, while the S&P 500 inched up 0.2 percent.
European stocks ended mixed on Friday after a measure of Eurozone inflation rocketed to its highest level since July 2008.
The pan European Stoxx 600 ended flat with a positive bias. The German DAX ended marginally lower and the U.K.’s FTSE 100 eased 0.2 percent while France’s CAC 40 index rose 0.4 percent.
Sensex, Nifty Seen Flat To Higher At Open
2021-11-01 03:06:31