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Asian stocks rose in early trading after U.S. equities had their best day in more than a month on Friday. Australian stocks gained 1%, while US equity futures edged higher.
Contracts for Hong Kong equities climbed 1.5% on Friday. Japanese markets are closed Monday for a public holiday.
Indian stock markets will take cues from the earnings of information technology companies and the macro data during the week.
Investors will also look at crude prices and foreign inflows during the week when Tata Consultancy Services Ltd. kicks off the earnings season, and inflation and industrial output numbers are expected.
At 8:15 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.72% to 18,087.5.
On Friday, the U.S. stocks had the best day in more than a month as slowing wage growth and an unexpected contraction in services activity, increased expectations of the Federal Reserve easing the pace of rate hikes in its fight against inflation.
The S&P 500 rose 2.3%, while the Nasdaq 100 jumped 2.8%. The yield on 10-year Treasuries declined 16 basis points to 3.56%.
Back home, the S&P BSE Sensex closed 453 points or 0.75% lower at 59,900.37, while the NSE Nifty 50 declined 133 points or 0.74% lower to 17,859.45 on Friday. The Indian currency depreciated by 17 paise to 82.73 at the close against the greenback on Friday.
Overseas investors were net sellers of Indian equities for the eleventh day in a row on Friday. Foreign portfolio investors net sold Indian equities worth Rs 2,902.5 crore, while the domestic institutional investors bought Rs 1,083.2 crore worth of Indian stocks, after breaking a 21-day buying streak on Thursday.
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