India's equity benchmarks likely to open higher, tracking Asian peers
The Gift Nifty futures traded at 25,636.5 points, as of 8:03 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open above its previous close of 25,517.05.
The MSCI Asia ex-Japan index (.MIAPJ0000PUS), opens new tab rose 0.6%, while Wall Street closed higher overnight on hopes that negotiations between the U.S. and key trading partners were gaining momentum.
The U.S. dollar edged lower ahead of key jobs data due on Thursday and a vote on Trump's landmark tax and spending legislation.
Oil prices dipped, weighed by expectations of an OPEC+ output hike in August. Lower oil prices augur well for importers of the commodity such as India.
India's Nifty and Sensex (.BSESN), opens new tab snapped a four-day rally on Monday, dragged down by profit-taking in financials.
The benchmarks rose for a fourth consecutive month in June, and are up nearly 15% since March, supported by monetary easing, robust economic indicators, and sustained institutional flows.
Meanwhile, Indian officials will extend their U.S. visit to try to reach an agreement on a trade deal with the Trump administration and address lingering concerns on both sides, Reuters reported on Monday, citing two Indian government sources. The countries aim to tie up an early trade deal.
Among individual stocks, Apollo Hospitals (APLH.NS), opens new tab will be in focus after the hospital chain unveiled plans to spin off and separately list its digital health and pharmacy unit within 18 to 21 months.
Auto companies will also be in focus as they report their monthly and quarterly sales data.
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