The Indian market is likely to trend up with the SGX Nifty, an indicator of pre-market opening trading flat just 56 points up around 8576 around 7.30 am.
In the US stocks rallied on Friday to close higher for a first session in six, as energy led gains with US crude rising and as investors considered a mixed bag of economic reports.
In Europe, equities closed mostly higher, but Swiss stocks weighed on wider benchmarks. However, the Swiss benchmark stock index closed over 5 percent lower on Friday, with a stronger currency making a country’s exports more expensive
In the morning Asian markets showed gains with Nikkei up over a percent following a positive handover from Wall Street on Friday.
Japanese and Korean markets were both trading with sharp gains in the morning on the back of a strong US lead.
In terms of economic data Chinese new home prices fell 4.3 percent in December from a year ago but the volume of sales hit their highest levels for the year last month.
In the currency space– the euro slips against the dollar as the European Central Bank gears up for fresh stimulus.
From the commodity space, oil prices jumped more than 5 percent on Friday, boosted by the response to a bullish report on US consumer sentiment. Nymex trades around USD 48. While Brent crude is back above USD 50 per barrel.
From precious metals space, gold continues to gain, as investors sought safety from volatility in wider markets
Back home, after trading sideways for better part of the week, benchmark indices spiked on thursday boosted by a surprise 25bps repo rate cut surprise by the rbi. For the week, sensex and nifty closed at 28,122 and 8514 respectively with a 2.4-2.8 percent bump as compared to last week’s closing levels.
Hindustan Unileve r, Hindustan Zinc , Mindtree would be reporting third quarter earnings today.