Sensex, Nifty Seen Opening Lower On Weak Asian Cues

Indian shares may open slightly lower on Monday as investors monitor rupee and oil movements and keep an eye on macro economic data for directional cues.

This week’s trading activity is likely to remain muted as markets will remain closed on Wednesday and Thursday for ‘Diwali Laxmi Puja’ and ‘Diwali Balipratipada’.

The stock exchanges will conduct a special ‘Muhurat’ trading session between 1700 hrs and 1830 hrs on Wednesday.

Service sector activity data is slated for release later in the day. On the global front, the outcome of the U.S. mid-term elections poses the biggest risk for financial markets.

Oil prices edged lower in Asian trade as the start to U.S. sanctions against Iran’s fuel exports was softened by waivers being given to key purchasers of Iranian oil.

The dollar also held weak against most of its peers amid growing expectations of an orderly Brexit and ahead of the Federal Reserve’s latest monetary policy decision due to be announced on Thursday.

Benchmark indexes Sensex and the Nifty surged around 5 percent last week to halt their two-week losing streak. The rupee surged by 100 paise to close at 72.45 against the dollar on Friday, marking its biggest single-day gain in over five years.

Asian stocks are trading mostly lower this morning after White House economic adviser Larry Kudlow downplayed the potential for a quick trade deal between the U.S. and China.

The British pound strengthened on the buzz that U.K. Prime Minister Theresa May has secured concessions from Brussels on Brexit that’ll avoid the need for a hard border in Ireland.

U.S. stocks closed lower on Friday to snap a three-day rally as Apple issued a disappointing forecast, the White House dampened optimism over U.S.-China trade talks and a strong jobs report bolstered the case for a Fed rate

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