Domestic stock markets are likely to start Monday's session on a lower note despite gains in Asian peers. At 8:24 am, the Singapore Exchange (SGX) Nifty futures were down 7.00 points - or 0.06 per cent - at 11,937.00, after sliding to as low as 11,925.00. The SGX Nifty futures are an early indicator of the National Stock Exchange (NSE) Nifty index in India. Equities in other Asian markets blipped higher after Beijing surprised markets by trimming a key interest rate for the first time since 2015, stirring speculation that more stimulus was on the way for the world's second-largest economy.
China's central bank cut rates on seven-day reverse repurchase agreements by five basis points to 2.50 per cent, a move that nudged the yuan higher while lowering Chinese bond yields.
The news helped Shanghai blue chips recoup early losses to rise 0.3 per cent, though the initial reaction was cautious overall. MSCI's broadest index of Asia-Pacific shares outside Japan also moved 0.3 per cent higher.
Japan's Nikkei added 0.38 per cent, and was just short of its recent 13-month top.
The S&P BSE Sensex index had ended 70.21 points - or 0.17 per cent - higher at 40,356.69 and the broader NSE Nifty benchmark settled at 11,895.45, up 23.35 points - or 0.20 per cent - from the previous close.