Markets likely to begin on a strong note tracking positive global cues

Indian markets may see a cheerful start to the week tracking strong leads from Asian peers and Wall Street. The bullish trend in SGX Nifty, which was trading higher by 39 points, indicated that Nifty could open above the 11,400-mark. Among Nifty 50 companies, Adani Port is slated to announce its results today.  

Asian stocks have edged up on Monday following gains on the Wall Street. Hong Kong's Hang Seng has jumped 355 points, China’s Shanghai Composite has gained 18 points and Japan’s benchmark Nikkei 225 index has risen 87 points.   

Back home, bulls made a remarkable comeback on Friday after two days of break. The NSE Nifty scored a century and ended above the 11,350 mark, while BSE Sensex gained 391 points to end above the 37,500-mark. After witnessing optimistic opening, bulls gained from strength-to-strength to end near the intra-day high. All sectors ended in the green with Nifty PSU Bank and Nifty Metals gaining the most. The broader indices continued to inch higher with Nifty Mid-cap and Small-cap surging 0.98 per cent and 1.42 per cent, respectively.   
 
The US stocks closed in the green on Friday. The US added 157,000 jobs in July, while economists had been expecting a far strong result of 190,000 new hires, but the July numbers looked smaller after strong upward gains in May and June. The Dow rose 136 points to close at 25,463, the S&P 500 gained 13 points to finish at 2,840 and the Nasdaq inched higher by 9 points to end at 7,812.   

The European stocks eked out modest gains on Friday as the euro weakened to a five-week low against the dollar, thereby lifting exporters. In the economic release, euro area private sector growth eased in July, ceding most of the momentum gained in the prior survey month, data from HIS Markit showed. The composite output fell to 54.3 in July from 54.9 in June. Meanwhile, eurozone retail sales grew for a second consecutive month in June. The DAX of Germany advanced 0.55 per cent; CAC 40 of France added 0.33 per cent and UK’s FTSE 100 jumped 1.10 per cent.