Sensex, Nifty Seen Opening Up As Modi Takes Oath For 3rd Term

(RTTNews) - Indian shares look set to open on a positive note Monday despite weak cues from global markets.

Underlying sentiment may remain supported somewhat after Narendra Modi was sworn in as Prime Minister at Rashtrapati Bhavan Sunday for a rare third term.

The Union Cabinet for the 18th Lok Sabha includes 30 cabinet ministers, five ministers of state with independent charge and 36 ministers of state.

The Bharatiya Janata Party (BJP) has retained at least 31 ministers from the last cabinet, including big names like Amit Shah, Rajnath Singh, Nirmala Sitharaman, S Jaishankar and Nitin Gadkari.

India's retail inflation and industrial output data along with U.S. and U.K. inflation readings, and central bank meetings in the U.S. and Japan will be in focus as the week progresses.

Asian stocks traded mixed this morning, with markets in Australia, China, Hong Kong and Taiwan closed for public holidays.

The dollar was on the front foot and gold traded higher below $2,300 per ounce while oil held steady after three straights weeks of losses.

U.S. stocks ended modestly lower on Friday as a stronger-than-expected jobs report pushed Treasury yields higher and raised doubts about whether the Fed will be able to cut interest rates this year.

The benchmark 10-year yield rose 14 basis points to more than 4.4 percent after data showed non-farm payroll employment surged by 272,000 jobs in May, well above the 185,000 expected by some analysts, and up from 165,000 in April.

Average hourly earnings were higher than expected as well, while the jobless rate rose to 4 percent, the first time it has breached that level since January 2022.

The S&P 500 slipped 0.1 percent while the Dow and the tech-heavy Nasdaq Composite both eased around 0.2 percent.

European stocks closed lower on Friday as U.S. rate cut hopes faded. The pan European STOXX 600 dipped 0.2 percent. The German DAX, France's CAC 40 and the U.K.'s FTSE 100 index all dropped around half a percent.