Sensex, Nifty Likely To Have A Gap-Up Opening; HDFC In Focus

Asian shares face another tough week as Beijing's regulatory crackdown fans fears about China's economy, though upbeat economic data in the United States and Europe and solid corporate earnings put a floor under their markets

Sensex, Nifty Likely To Have A Gap-Up Opening; HDFC In Focus

At 7:20 am, the Nifty futures were trading higher by 0.78 per cent on Singapore Stock Exchange

The domestic stock markets are likely to open firm on the back of positive cues from SGX Nifty futures. Trends on SGX Nifty indicate a positive opening for the Nifty, with a 89-point gain. At 7:20 am, the Nifty futures were trading at 15,863, higher by 89 points or 0.78 per cent, on the Singapore Stock Exchange.

Asian shares face another tough week as Beijing's regulatory crackdown fans fears about China's economy, though upbeat economic data in the United States and Europe and solid corporate earnings put a floor under their markets.

China's problems were underlined over the weekend by a survey showing factory activity grew at the slowest pace in 17 months amid rising costs and extreme weather. Japan's Nikkei bounced back 1.1%, but that was from its lowest since January.

US stocks fell on Friday and registered losses for the week as Amazon.com shares dropped after the company forecast lower sales growth, but the S&P 500 still notched a sixth straight month of gains.

The Dow Jones fell 0.42 per cent, the S&P 500 lost 0.54 per cent and Nasdaq Composite dropped 0.71 per cent.

Meanwhile, oil prices fell on Monday on worries over China's economy after a survey showed factory activity growing at its slowest pace in 17 months in the world's second-largest oil consumer.

Brent crude oil futures skidded 81 cents, or 1 per cent, to $74.60 a barrel and U.S. West Texas Intermediate (WTI) crude futures dropped 69 cents, or 0.9 per cent, to $73.26 a barrel.

On the earnings front, HDFC, Punjab National Bank and Castrol India will be announcing their Q1 numbers during the day.

On Friday, the BSE Sensex had shed 66.23 points and the Nifty had declined 15.50 points.