The BSE Sensex and NSE Nifty are likely to open in green on Monday tracking SGX Nifty and global markets.
At 8.29 am (IST), SGX Nifty was up 33 points, or 0.44 per cent, at 7,459.50.
Asian stocks moved further away on Monday from four-year lows struck last week, as the blizzard on the US East coast pushed oil prices higher, relieving some of the bearish pressure on Wall Street and world markets.
Shanghai, Nikkei and Hang Seng were up by 0.94 per cent, 1.39 per cent and 1.89 per cent, respectively.
On Friday, the S&P 500 rose 2 per cent and the Dow added 1.3 per cent on Friday as a cold snap in North America and Europe caused a rally in oil prices. The S&P energy sector surged 4.3 per cent.
Back home, equities staged a sharp pullback rally on Friday to recover from 20-month low as the benchmark BSE Sensex surged over 473 points to 24,435.66, tracking gains in global markets on hopes of a fresh stimulus from the euro zone and rebound in oil prices.
Stock of Cipla and Adani Power will remain in focus on Monday. Drug major Cipla on Monday announced completion of selling its entire holding in Hong Kong-based Biomab Holding to Biomab Brilliant for $2.5 million.
Adani Power has received shareholders’ approval to convert debt or parts those of up to Rs 35,000 crore into fully paid up equity shares of the company.