The BSE Sensex and NSE Nifty are likely to open positive on Monday tracking SGX Nifty and firm global markets. At 8.29 am (IST), SGX Nifty was up 40 points, or 0.48 per cent, at 8,355.
Asian stocks on Monday were close to wiping out all their losses since China’s shock currency devaluation in August, as global equities rallied after the Chinese central bank cut rates to shore up faltering growth in the world’s second-largest economy.
Nikkei, Hang Seng and Shanghai were up 1.21 per cent, 0.33 per cent and 0.64 per cent at 19.052.73, 23229.12 and 3,434.20.
Markets are looking to Chinese Communist party’s central committee meeting from Monday to Thursday to set out a five-year plan. Ahead of the meeting, Premier Li Keqiang said that China has never stated the economy must grow seven per cent this year, coinciding with remarks by a top central bank official on Saturday that China would be able to keep annual economic growth at around 6-7 per cent over that period.
On Wall Street, S&P 500 index rose 1.1 per cent on Friday to turn positive on the year, while the tech-heavy Nasdaq jumped 2.3 per cent.
Back home, the BSE Sensex and NSE Nifty gained 183.15 points and 43.75 points at 27,470.81 and 8,295.45 on Friday.
Stocks of Asian Paints will be in focus as the company on Friday reported a consolidated net profit of Rs 399 crore for the second quarter ended September 30, on account of increase in net sales.
On Monday companies like Blue Starco, Asian Tiles, Taj GVK, Hitachi Home, Bharti Airtel, HIL, StrTech, Wonderla, Advanta, UPL, Man Infra, Good Luck, Orient Bell, Somany Ceramics and InoxWind may announce their earnings.