Indian Shares Set To Open On Firm Note

(RTTNews) - Gift Nifty futures indicate a positive opening for Indian markets as a resounding victory for the BJP-led NDA in the Bihar elections added to stability to the coalition government at the Centre.

As the earnings season draws to a close, cues from global markets and news surrounding a potential India-U.S. trade deal announcement may influence trading sentiment as the week progresses.

Global cues remain sluggish due to lingering concerns around stretched tech valuations, risks around U.S. tariffs and signs of a softening U.S. jobs market.

The Trump administration has rolled back tariffs on more than 200 food products, including such staples as coffee, beef, bananas, orange juice, avocados and coconuts, in the face of growing angst among U.S. consumers about the high cost of groceries.

In another significant development, U.S. Treasury Secretary Scott Bessent said the rare earths deal between the United States and China will "hopefully" be done by Thanksgiving.

Asian markets were mostly lower this morning while the dollar held steady as investors await the release of a slew of U.S. economic data for directional cues.

Oil started the week lower as activity resumed at the key Russian export hub of Novorossiysk after a two-day suspension at the Black Sea port following a Ukrainian attack.

U.S. President Donald Trump on Sunday said that Republican lawmakers are working on legislation that will impose strict sanctions on any country engaged in business or trade with Russia. He also indicated that Iran may be added to the list of nations that could face penalties under the proposed law.

Gold edged up slightly, after having lost more than 2 percent in the previous sessions on dwindling rate-cut bets.

U.S. stocks ended mixed on Friday, a day after Wall Street logged its worst session in more than a month on concerns about tech valuations and the outlook for interest rates.

The tech-heavy Nasdaq Composite inched up 0.1 percent to snap a three-day losing streak, while the S&P 500 edged down marginally and the Dow dipped 0.7 percent as a slew of Fed officials warned that inflation progress could slow or stall, denting the prospects for another interest rate cut in December.

European stocks closed lower on Friday amid renewed concerns about an artificial intelligence bubble and the global economy.

The pan-European Stoxx 600 gave up 1 percent. The German DAX dropped 0.7 percent, France's CAC 40 shed 0.8 percent and the U.K.'s FTSE 100 lost 1.1 percent.