Sensex, Nifty Seen Opening Higher As Oil Prices Slump

(RTTNews) - Indian shares are seen opening modesty higher on Monday as investors react to positive cues from other Asian markets, a barrage of earnings results from domestic companies and a slump in oil prices.

Heavyweight Reliance Industries could be in focus as the stock turns ex-bonus today. Asian markets were seeing modest gains this morning as investors await Chinese economic activity readings, Eurozone and U.S. growth prints, the all-important U.S. payrolls report and earnings from mega caps -- Apple, Microsoft, Alphabet, Amazon, and Meta Platforms this week for directional cues.

Japan's Nikkei was trading up 1.6 percent on a weaker yen after Japan's ruling coalition failed to win a majority in parliament, stoking speculation the political uncertainty would impact the central bank's rate-hike policy.

Gold dipped on dollar strength as speculation continues on who will win the 2024 U.S. presidential race.

Both Brent crude and West Texas Intermediate contracts slumped by more than 4 percent in early Asian trading after widely anticipated Israeli airstrikes against Iran did not hit crucial oil facilities.

U.S. stocks ended mixed on Friday as investors braced for a busy week of earnings and economic data releases.

Adding to optimism over the economic outlook, a survey showed U.S. consumer sentiment unexpectedly improved in October.

The Dow shed 0.6 percent to close lower for the fifth straight day and the S&P 500 edged down marginally while the tech-heavy Nasdaq Composite gained 0.6 percent due to strong performance of Tesla shares.

European stocks closed slightly lower on Friday as the third-quarter earnings season ramped up.

The pan European STOXX 600 ended flat with a negative bias. The German DAX rose 0.1 percent, while France's CAC 40 slid marginally and the U.K.'s FTSE 100 dropped 0.3 percent.