Sensex, Nifty May See Gap-up Opening On Tentative US Debt Deal
(RTTNews) - Indian shares look set to open sharply higher on Monday after U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Saturday reached a tentative deal to raise the federal government's debt ceiling and avert a potential debt default.
It's going to be busy week for markets, with the latest batch of earnings, auto sales numbers for May, GDP data for the March quarter along with PMI and infrastructure output data likely to be in focus as the week progresses.
Adani Ports, Apollo Hospitals Enterprise and IRCTC are among the prominent companies due to report their quarterly earnings results this week.
Asian markets traded higher this morning while the dollar remained elevated as focus shifted to this week's U.S. jobs report for May and the upcoming FOMC meeting in June.
Gold edged lower on improved risk appetite while oil prices rose ahead of next week's OPEC meeting.
U.S. stocks climbed on Friday after reports emerged that lawmakers are closing in on an agreement to raise the U.S. debt ceiling for about two years and avoid a catastrophic default.
In economic releases, inflation and consumer spending accelerated last month, bolstering the case for the Federal Reserve to continue monetary policy tightening.
The tech-heavy Nasdaq Composite and the S&P 500 jumped 2.2 percent and 1.3 percent, respectively to reach their best closing levels in nine months while the Dow gained 1 percent.
European stocks finished higher on Friday, with strong retail sales data from U.K. and the U.S. debt deal hopes helping underpin sentiment.
The pan European STOXX 600 rose 1.2 percent. The German DAX and France's CAC 40 both jumped around 1.2 percent while the U.K.'s FTSE 100 added 0.7 percent.
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