The domestic stock markets are likely to open in the green, following encouraging Asian cues and a positive start on SGX Nifty. Trends on SGX Nifty indicate a positive opening for the index in India, with a gain of 38 points. At 7:30 am, the Nifty futures were trading at 11,419, higher by 38 points or 0.3 per cent on the Singapore Stock Exchange.
The US markets were shut on Monday on account of the Labor Day weekend.
Asian shares regained some footing on Tuesday following a small bounce in European shares as investors looked to whether high-flying US tech shares could recover from their recent rout.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent while Japan's Nikkei gained 0.4 per cent. U.S. financial markets were shut on Monday for a public holiday.
Meanwhile, oil prices fell on Monday after Saudi Arabia made its deepest monthly price cuts to supply for Asia in five months and as uncertainty over Chinese demand clouds the market's recovery.
Brent crude was trading at $42.03 a barrel, down 63 cents or 1.5 per cent, by 1555 GMT, after earlier sliding to $41.51, its lowest since July 30. West Texas Intermediate US crude fell 67 cents, or 1.7 per cent, to $39.10 per barrel after hitting $38.55, its lowest since July 10.
The benchmark indices had ended marginally higher on Monday. The Sensex ha d ended 60.05 points - or 0.16 per cent - higher at 38,417.23, and the Nifty had settled at 11,355.05, up 21.20 points - or 0.19 per cent