Indian shares may rise on Monday, mirroring firm global cues, as stronger than expected U.S. nonfarm payrolls data added momentum to the U.S. recovery. Closer home, investors await reports on industrial output, consumer inflation and wholesale inflation this week for clues on the rate outlook. The RBI’s next monetary policy review is due on 19th. Meanwhile, Finance Minister P Chidambaram is confident of passing insurance and pension bills in the current Budget session of Parliament.
Benchmark indexes Sensex and the Nifty jumped about 4 percent each last week on optimism the Indian economy has bottomed out in the December quarter. Global cues also remained supportive following upbeat economic data from the U.S. and China. The 30-share Sensex rose to its highest level in more than 4-1/2 weeks, while the broader Nifty index hit its highest level in over 4 weeks.
In corporate news, Kingfisher Airlines has to clear all dues, including pending salaries and payments to vendors and lenders, before it can seek license revival, a PTI report quoted DGCA sources as saying.
Engineering & construction giant Larsen & Toubro clarified that the sanctions imposed by the World Bank for 6 months from participating in World Bank funded/executed projects will not have material impact on the company’s present or future operations or its profitability or financials.Asian Markets Asian stocks are trading mostly higher, with Japan’s Nikkei index leading the way with a 1 percent rally, as the yen tumbled to a 3 1/2-year low versus the dollar in anticipation of more aggressive monetary easing from the Bank of Japan. Investors shrugged off weak machine orders data which showed that Japan’s core machinery orders plummeted a seasonally adjusted 13.1 percent in January from the previous month, marking its first decline in four months. On a yearly basis, core machine orders dropped 9.7 percent.
U.S. And European Markets U.S. stocks rose on Friday after positive export data out of China and a surprisingly strong jobs report suggested the global economic recovery was on track. The Dow rose half a percent to set a fresh record closing high and the S&P 500 also added half a percent, while the tech-heavy Nasdaq advanced 0.4 percent.
The Labor Department said non-farm payroll employment rose by 236,000 jobs in February compared to economist estimates for an increase of about 171,000 jobs. With the continued job growth, the unemployment rate dipped to 7.7 percent in February from 7.9 percent in January, falling to its lowest level since December of 2008.
European stocks posted broad-based gains on Friday, with upbeat economic data out of China, Japan and the U.S. underpinning sentiment. Benchmark indexes in Switzerland, Germany, the U.K. and France rose between half a percent and 1.2 percent.
by RTT Staff Writer
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