The domestic stock markets have opened in the green, in line with positive global cues. Asian stocks were firm in early trading, US shares had climbed higher over the weekend and trends on SGX Nifty futures indicated a positive opening for the index in India, with a 27-point gain. At 9:20 am, the BSE Sensex was trading at 52,176.25, higher by 76.35 points or 0.12 per cent and the NSE Nifty was at 15,699.10, up 30.55 points or 0.12 per cent. The broader markets are outperforming the benchmark indices, with the BSE Midcap index and BSE Smallcap indices jumping 0.7 per cent and 0.6 per cent respectively.
Asian shares firmed up on Monday while the dollar wavered after the anxiously awaited May U.S. payrolls report showed the recovery on track but not so hot that it might bring forward a policy tapering from the Federal Reserve.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.3 per cent and looked to break three sessions of losses. Japan’s Nikkei rose 1.0 per cent to touch its highest in almost a month, and South Korea gained 0.7 per cent.
US stocks climbed on Friday, lifted by technology stocks, after a tepid US monthly jobs report relieved investor concerns the Federal Reserve might rein in monetary stimulus soon. The Dow Jones rose 0.43 per cent, S&P 500 gained 0.83 per cent and Nasdaq Composite added 1.5 per cent.
Meanwhile, oil extended gains to hit fresh multi-year highs on Monday, underpinned by a brighter economic and fuel-demand outlook, while investors eyed the outcome of talks between Iran and world powers over a nuclear deal that is set to boost crude supplies.
Brent crude futures for August rose 28 cents, or 0.4 per cent, to $72.17 a barrel by 0107 GMT, their highest since May 2019. U.S. West Texas Intermediate crude for July touched $70 for the first time since October 2018 and was at $69.91 a barrel, up 29 cents, or 0.4%.
On the earnings front, Union Bank of India, Central Bank of India and Mrs Bectors Food Specialities will declare their Q3 numbers during the day.