(RTTNews) - Indian shares look set to open on a positive note Tuesday as traders return to their desks after a long holiday weekend. A retreat in oil prices and the dollar's weakness in international markets may offer some support as investors await cues from another batch of earnings results.
Around 18 companies, including Bharti Airtel, are set to announce their quarterly earnings results today.
Stock markets started Samvat 2076 on a strong footing Sunday as shares of Tata Motors jumped nearly 18 percent after reporting better-than-expected EBITDA earnings. Yes Bank surged 5.4 percent to extend recent gains.
The benchmark S&P BSE Sensex closed up 192.14 points, or 0.49 percent, at 39,250.20 in a special one-hour Muhurat trading session, while the broader NSE Nifty index gained 43.25 points, or 0.37 percent, to end at 11,627.15.
Asian markets hovered near a three-month high this morning on renewed trade and stimulus hopes. Gold treaded water after a sharp fall in the previous session while oil extended overnight losses on concerns about slower economic growth.
West Texas Intermediate Crude oil futures for December ended down 1.5 percent on Monday to snap a four-day winning streak as weak Chinese industrial profits data fueled worries about energy demand outlook.
U.S. stocks rose overnight, with sentiment underpinned by strong earnings, merger and acquisition news, progress in U.S.-China trade talks and the EU's Brexit extension announcement, which removed the risk of a damaging no-deal split on Thursday.
The Dow Jones Industrial Average rose half a percent and the tech-heavy Nasdaq Composite climbed 1 percent while the S&P 500 gained 0.6 percent to a record high.
European markets advanced on Monday despite downbeat results from HSBC Holdings and caution ahead of a Federal Reserve interest-rate decision and nonfarm payrolls data.
The pan European Stoxx 600 gained 0.3 percent to hit a fresh 22-month high. The German DAX rose 0.4 percent, France's CAC 40 index inched up 0.2 percent and the U.K.'s FTSE 100 added 0.1 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.