At 7:30 am, the Nifty futures were trading higher by 0.5 per cent on Singapore Stock Exchange.
The domestic stock markets are likely to open in the green, on the back of a positive opening across the Asian markets and early strength on the SGX Nifty counter. Trends on SGX Nifty indicate a positive opening for the index in India, with a 54 points gain. At 7:30 am, the Nifty futures were trading at 11,689, higher by 54 points or 0.5 per cent on the Singapore Stock Exchange.
Asian markets rose on Monday morning trade, with data released over the weekend showing China's manufacturing activity grew at a slightly slower rate in October. Nikkei 225 gained 1.01 per cent in early trade, while the Topix index jumped 1.63 per cent and South Korea's Kospi added 0.58 per cent.
US stock indexes closed lower on Friday to cap Wall Street's biggest weekly sell-off since March as losses in richly priced tech heavyweights, a record rise in coronavirus cases and jitters over the presidential election snuffed investor sentiment.
The Dow Jones Industrial Average fell 0.59 per cent, S&P 500 lost 1.21 per cent and Nasdaq Composite dropped 2.45 per cent.
Meanwhile, oil prices slumped more than 4 per cent on Monday to the lowest levels since May on worries a swathe of coronavirus lockdowns across Europe will weaken fuel demand, while traders braced for turbulence during the U.S. Presidential election week.
On the corporate front, HDFC, Cadila Healthcare, Punjab National Bank, NTPC, Bandhan Bank and AIA Engineering will announce their Q2 earnings during the day.
On the stock-specific front, Reliance Industries and ICICI Bank shares are likely to be in the limelight after the two index behemoths reported their September quarter results over the weekend.
Auto stocks are also likely to witness buying interest after MarutI Suzuki, M&M and Hyundai posted good sales for the month of October.
Meanwhile, oil prices slumped more than 4% on Monday to the lowest levels since May on worries a swathe of coronavirus lockdowns across Europe will weaken fuel demand, while traders braced for turbulence during the U.S. Presidential election week.
Brent crude for January was at $36.32 a barrel, down $1.62, or 4.3 per cent, by 0018 GMT, while U.S. West Texas Intermediate fell $1.62, or 4.5 per cent, to $34.17 a barrel. Brent earlier hit a low of $35.74 a barrel while WTI slipped to $33.64 a barrel.
On Friday, the BSE Sensex had fallen 135.78 points and Nifty 50 had shed 28.40 points to 11,642.40.
