The stock markets are likely to open in the red, post the nearly one per cent gains witnessed on Friday, going by early indications from SGX Nifty futures trading. Early trends on SGX futures indicate a negative opening for the index in India. At 7:30 am, the Nifty futures were trading at 15,444, lower by 44 points or 0.37 per cent on the Singapore Stock Exchange.
Asian shares edged higher on Monday, looking to extend their recent rally to a third week should U.S. jobs figures show the expected revival in hiring in May and keep the global recovery on track.
MSCI’s broadest index of Asia-Pacific shares outside Japan was a fraction firmer, having rallied 2.2 per cent last week. Japan’s Nikkei was flat, while Australia rose 0.2 per cent to a fresh all-time peak.
US stocks climbed on Friday as investors brushed off a stronger-than-expected inflation reading, as both the Dow and S&P 500 indexes clinched their first weekly gain in the past three weeks.
The Dow Jones rose 0.19 per cent, S&P 500 gained 0.08 per cent and Nasdaq Composite added 0.09 per cent.
On the economic front, the government will release the provisional full-year GDP data post market hours.
And on the earnings front, Aurobindo Pharma, Narayana Hrudalaya, Kolte Patil Developers and Chemcon Speciality Chemicals will declare their March quarter results during the day.
On Friday, the BSE Sensex climbed 307.66 points to close at 51,422.88 and Nifty rose 97.80 points to 15,435.70.