Indian shares are seen opening higher on Monday, tracking positive global cues. Asian markets are trading mostly higher following a positive lead from Wall Street and on optimism that China will boost stimulus measures to support growth. China's Premier Wen Jiabao said the government will step up efforts in the second half of the year to stabilize the economy and support growth, the official Xinhua news agency reported on Sunday.
Closer home, investors eagerly await June inflation data for clues on the interest rate outlook ahead of the RBI policy review meeting on July 31. The rupee movement will also be crucial after the currency bounced back to end up 79 paise at one-week high against the dollar on Friday, registering a third consecutive weekly gain. On the earnings front, Castrol India and Exide Industries are among the blue-chip companies that will unveil their quarterly earnings today.
Meanwhile, responding to U.S. President Barack Obama's criticism of India's economic policy, Corporate Affairs Minister M Veerappa Moily said in an interview to PTI that certain "international lobbies" were spreading such stories and Obama was not properly informed about the country's strong economic fundamentals.
On Wall Street, stocks rose sharply on Friday, with some positive economic data from China as well as JPMorgan's strong quarterly results underpinning sentiment. Meanwhile, traders largely shrugged off a report from Thomson Reuters and the University of Michigan that showed an unexpected decline in consumer sentiment to the lowest level this year in July. The Dow rallied 1.6 percent, the tech-heavy Nasdaq gained 1.5 percent and the S&P 500 added 1.7 percent.
Major European markets too ended notably higher, with the U.K.'s FTSE 100, France's CAC 40 and the German DAX rising 1-2 percent.
by RTT Staff Writer
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