Sensex, Nifty Seen Higher At Open

(RTTNews) - Indian shares look set to open slightly higher on Monday as investors react to positive global cues and the return of foreign inflows.

Last week, benchmark indexes Sensex and Nifty extended gains for the sixth consecutive week to hit fresh record highs following robust earnings from Tata Consultancy Services.

The next set of quarterly results may influence sentiment, with IT majors Infosys and Wipro as well as heavyweights including Reliance Industries, Asian Paints and UltraTech Cement among the prominent companies due to unveil their financial results in the truncated week ahead.

Stock markets will remain closed on Wednesday for Muharram.

Finance Minister Nirmala Sitharaman will present the highly anticipated Modi 3.0's first Union Budget on July 23, with analysts expecting a growth-oriented Budget to help the economy grow further.

It is conceivable that India can become the world's second-largest economy by 2031 and the largest economy by 2060, given the country's inherent strengths, said Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra last week.

Asian markets traded mixed this morning while the dollar rose as the attempted assassination of Donald Trump on Saturday helped increase the chances of him becoming president again. Gold edged down slightly while oil prices were marginally higher in Asian trade.

U.S. stocks ended higher on Friday as large-cap stocks rebounded from steep losses in the previous session on expectations of Fed rate cuts.

Investors shrugged off data that showed U.S. producer prices increased slightly more than expected in June amid a rise in the cost of services.

The three major U.S. averages rose about 0.6 percent each even as Wells Fargo, JP Morgan Chase and Citigroup all fell after releasing their quarterly earnings results. European stocks ended on a firm note for a third straight session on Friday.

The pan European STOXX 600 climbed 0.9 percent. The German DAX rallied 1.1 percent, France's CAC 40 jumped 1.3 percent and the U.K.'s FTSE 100 rose 0.4 percent.