Sensex, Nifty Seen Opening On Steady Note

(RTTNews) - Indian shares look set to open on a steady note Monday, tracking firm cues from global markets.

It's going to be a busy week, with manufacturing & service PMI numbers, monthly auto sales figures and Q1 earnings results from top companies including Adani Enterprises, Bharti Airtel, SBI, Mahindra & Mahindra and Maruti Suzuki India likely to influence trading sentiment as the week progresses.

The Goods and Services Tax (GST) Council is likely to meet on August 2 to discuss the rules related to implementation of 28 percent tax on online gaming, horse racing and casinos.

Asian markets were mostly higher this morning, bond yields slipped, and the dollar traded lower amid rising hopes of a soft landing for the U.S. economy.

The inflation outlook is "quite positive", and the base case scenario seems to be that we would avoid a recession, Federal Reserve Bank of Minneapolis President Neel Kashkari said on CBS's Face the Nation.

Oil prices edged lower in Asian trade but were on track for a monthly gain on signs of tight supply and amid estimates that crude demand is running at a record clip.

U.S. stocks rose on Friday and ended the week with gains, as top tech firms reported encouraging earnings results and the Fed's favorite inflation gauge slowed to a two-year low in June, easing concerns about the outlook for interest rates.

The Dow edged up half a percent, the S&P 500 climbed 1 percent and the tech-heavy Nasdaq Composite rallied 1.9 percent.

European stocks ended Friday's session mostly higher after struggling for direction earlier in the day.

The pan European STOXX 600 slipped 0.2 percent. The German DAX edged up 0.4 percent, France's CAC 40 rose 0.2 percent and the U.K.'s FTSE 100 finished marginally higher.