Sensex, Nifty Seen Opening Up On Firm Global Cues

RTTNews | 906 days ago
Sensex, Nifty Seen Opening Up On Firm Global Cues

(RTTNews) - Indian shares look set to open a tad higher on Monday on the back for positive global cues.

Financial results will be in focus this week, with HDFC Bank, India's largest private sector lender, reporting a 19 percent rise in quarterly profit due to a drop in its provisions.

Asian Paints, JSW Steel, ICICI Bank, Indusind Bank, Kotak Mahindra Bank, Hindustan Unilever and Ultratech Cement will be reporting their earnings results this week. Inflation worries may also return to the fore after oil prices jumped around 8 percent last week on optimism about improved demand from China and expectations that the Federal Reserve may ease its aggressive rate hikes.

Benchmark indexes Sensex and Nifty both rose around half a percent last week despite foreign institutional investors remaining net sellers throughout the week. The rupee recorded its best weekly performance in two months.

Asian markets were broadly higher this morning, though Japanese shares extended losses ahead of the Bank of Japan's policy meeting this week, with investors anticipating changes to the central bank's yield curve control policy.

The yen held near a seven-month high, and gold hovered near a nine-month peak while oil steadied near 2023 highs on China demand optimism.

U.S. stocks reversed course to end higher on Friday, as upbeat readings on consumer sentiment and inflation expectations helped investors shrug off warnings from major banks of tough times ahead.

Executives from JPMorgan, Citigroup, and Bank of America all said they expect a mild recession to hit the economy this year.

The Dow edged up 0.3 percent, the tech-heavy Nasdaq Composite added 0.7 percent and the S&P 500 gained 0.4 percent.

European stocks rose on Friday to reach their highest level since April 2022 as investors digested speeches from Fed officials, better-than-expected trade data from China and the latest batch of economic data from the region.

The pan European STOXX 600 gained half a percent. The German DAX inched up 0.2 percent, France's CAC 40 index advanced 0.7 percent and the U.K.'s FTSE 100 rose 0.6 percent.

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