Indian Shares Seen Up On Earnings Optimism

(RTTNews) – Indian shares are likely to open higher on Monday as investors react to upbeat earnings reports from the likes of Reliance Industries and UltraTech Cement.

All eyes are now on the upcoming Union Budget amid expectations it would lay the foundation for a long-term economic growth path.

Larsen and Toubro, Kotak Mahindra Bank, UCO Bank and ICICI Securities are among the prominent companies that will unveil their quarterly earnings results later today.

Asian markets remain broadly higher this morning and the dollar held steady ahead of this week’s Federal Reserve policy meeting.

Gold edged higher on U.S. stimulus hopes while oil prices fell for a second straight session after China reported a climb in new Covid-19 cases, raising fresh concerns about global fuel demand.

U.S. stocks ended mixed on Friday as investors reacted to disappointing earnings from IBM and Intel, and Republican Senators Mitt Romney and Lisa Murkowski both expressed skepticism about the $1.9 trillion stimulus proposal.

The Dow Jones Industrial Average dropped 0.6 percent and the S&P 500 eased 0.3 percent, while the tech-heavy Nasdaq Composite index inched up 0.1 percent to reach a record closing high.

European markets moved to the downside on Friday after the release of disappointing euro area economic data and renewed concerns about the spread of a new strain of coronavirus.

The pan European Stoxx 600 gave up 0.6 percent. The German DAX slid 0.2 percent, France’s CAC 40 index shed 0.6 percent and the U.K.’s FTSE 100 eased 0.3 percent.

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