At 7:30 am, the Nifty futures were trading higher by 28 points on the Singapore Stock Exchange.
The stock markets are likely to start the week with modest gains, going by early indications from SGX Nifty futures trading. Trends on SGX Nifty indicate a positive opening for the index in India, with a 28-point gain. At 7:30 am, the Nifty futures were trading at 14,372, higher by 28 points, on the Singapore Stock Exchange.
Asian stocks rose for a third straight session on Monday as risk appetite was aided by recent data showing the world economic recovery from the coronavirus pandemic was well on track while the U.S. dollar loitered near two-month lows.
US stocks rallied on Friday, driving the S&P 500 to a near-record closing high, after factory data and new home sales underscored a booming economy while megacap stocks rose in anticipation of strong earnings reports next week.
The Dow Jones Industrial Average rose 0.67 per cent to 34,043.49 and S&P 500 gained 1.09 per cent at 4,180.17, just below its previous closing high of 4,185.47 on April 16. The Nasdaq Composite added 1.44 per cent at 14,016.81.
On the stock-specific front, ICICI Bank is likely to be in the news after the bank clocked a 260.5 per cent year-on-year (YoY) growth in standalone profit at Rs 4,402.61 crore for quarter ended March 2021. The profit in the corresponding period last year stood at Rs 1,221.4 crore.
Tech Mahindra, HDFC Life Insurance Company and SBI Cards and Payment Services will declare their March quarter earnings during the day.
On Friday, the BSE Sensex fell 202.22 points to 47,878.45 and the Nifty declined 64.80 points to 14,341.40.