Sensex, Nifty Seen Up As Oil Extends Losses

(RTTNews) - Indian shares are likely to open on a positive note Tuesday, with firm global cues, falling oil prices and encouraging macroeconomic released over the weekend likely to underpin sentiment.

India's consumer price inflation eased more-than-expected in July, while industrial production continued to expand strongly in June, though at a slower rate than in the prior month, data released after markets hours on Friday showed.

On the earnings front, state-run insurer LIC reported a multi-fold jump in standalone net profit to Rs. 682.89 crore for the June quarter compared to a profit of Rs. 2.94 crore in the same period last year.

ONGC reported its highest quarterly net profit of Rs 15,206 crore in the June quarter on the back of record oil and gas prices, while Hero MotoCorp said its consolidated Q1 profit after tax grew 71 percent year-on-year.

Indian markets were closed on Monday on account of Independence Day holiday.

Benchmark indexes Sensex and the Nifty rose around 2 percent last week to extend their winning streak for a fourth consecutive week on the back of strong corporate earnings and the return of foreign fund flows.

Asian markets traded mostly higher this morning, while prices of copper and most industrial metals tumbled on growing concerns over a slowdown in major importer China.

The dollar hovered near a one-week high on safe-haven demand, while gold traded flat after falling more than one percent on Monday. Oil extended recent losses on worries over fuel demand and the prospect of more Iranian supply.

U.S. stocks reversed course to end higher overnight even as disappointing Chinese and U.S. economic data complicated the economic outlook.

New York state manufacturing activity plummeted in August and a gauge of homebuilder sentiment declined for an eighth-straight month, sending Treasury yields lower.

The Dow rose half a percent, the S&P 500 edged up 0.4 percent and the tech-heavy Nasdaq Composite added 0.6 percent amid bets that moderating inflation will help the Fed to slow the pace of interest-rate hikes.

European stocks fluctuated before closing higher Monday on the back a surprise interest rate cut by China's central bank. The pan European Stoxx 600 inched up 0.3 percent.

The German DAX gained 0.2 percent, France's CAC 40 rose 0.3 percent and the U.K.'s FTSE 100 edged up 0.1 percent.