Sensex, Nifty Seen Little Changed At Open

(RTTNews) - Indian shares look set to open on a subdued note Tuesday as caution prevails ahead of a holiday on Wednesday for Diwali Balipratipada and the expiry of monthly derivative contracts due on Thursday.

Local markets were closed on Monday on the eve of Diwali. However, during one-hour special Muhurat trading session, domestic equities logged gains for a seventh straight session to close at one-month highs.

The Nifty 50 index went up 154 points or 0.88 percent to close at 17,731 whereas the BSE Sensex surged 524 points, or 0.88 percent, to end at 59,832.

After a muted performance in Samvat 2078 that saw benchmark indexes falling around 1.4 percent, market experts are forecasting a better show over the next 12 months.

Corporate earnings, the direction of bond yields, oil price movements and global cues may sway sentiment as the week progresses.

Asian markets traded mixed this morning, oil edged higher, and the dollar eased against its major rivals amid hopes the Federal Reserve will signal a slowdown in monetary policy tightening after lifting rates by another 75 basis points next week. U.S. stocks rose sharply overnight, as investors awaited tech earnings and weak PMI figures for October bolstered hopes that the Fed might pivot from its tightening of monetary policy.

The Dow climbed 1.3 percent and the S&P 500 added 1.2 percent to reach their best closing levels in a month while the tech-heavy Nasdaq Composite rose 0.9 percent.

European stocks rose on Monday after the announcement that Rishi Sunak would replace Liz Truss as U.K. prime minister.

The pan-European STOXX 600 index closed 1.4 percent higher at its highest level in nearly a week.

The German DAX and France's CAC 40 index both gained around 1.6 percent while the U.K.'s FTSE 100 inched up 0.6 percent.