Sensex, Nifty Seen Opening Higher On Wall Street Cues
(RTTNews) - Indian shares look set to open higher on Monday, tracking firm cues from global markets as concerns eased about aggressive tightening by the Federal Reserve.
That said, a cautious undertone may prevail as the earnings season gets underway this week, with IT giants TCS, Infosys and HCL Technologies all set to unveil their quarterly earnings results. TCS declares its financial results later today, while the other two companies will announce their results on Thursday.
FII flows, oil price movements and industrial output and inflation numbers may sway sentiment as the week progresses.
Asian markets were broadly higher this morning despite increasing concerns over re-emergence of COVID in some parts of the world. Gold prices rose as the dollar held steady and Treasury yields eased on recession fears. Oil prices rose over 1 percent amid the long-awaited border reopening in China.
U.S. stocks posted strong gains on Friday as data showing a contraction in U.S. services industry activity for the first time in more than 2-1/2 years and signs of cooling wage growth raised hopes for a change to aggressive Fed policy.
The Dow jumped 2.1 percent, the S&P 500 surged 2.3 percent and the tech-heavy Nasdaq Composite climbed 2.6 percent.
European stocks also advanced on Friday after separate reports showed a drop in Eurozone consumer price inflation and an improvement in eurozone economic confidence.
The pan European STOXX 600 gained 1.2 percent. The German DAX rallied 1.2 percent, France's CAC 40 added 1.5 percent and the U.K.'s FTSE 100 rose 0.9 percent.
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