Asian markets were poised to advance on Monday after a rebound on Wall Street last Friday and Fed comments alleviating fears of aggressive policy moves.
Markets in Hong Kong, Shanghai, Singapore and Seoul were closed for Lunar New Year celebrations. Many regional markets will remain closed until midweek and mainland China trading won’t resume until Jan. 30.
At 5:53 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.46% to 18,127.5.
U.S. stocks recovered from the week’s losses on the back of a rally in tech stocks. The S&P 500 rose 1.9%, while the tech-heavy Nasdaq 100 was up 2.9%. The yield on 10-year Treasuries advanced nine basis points to 3.48%.
Crude price declined 0.52%. The Bitcoin rally continued as the cryptocurrency rose around $22,300-level.
Domestic benchmark indices closed in the red at the end of week for the second day after dipping in the final minutes of trade.
Rupee ended the last session of the week higher than the U.S. dollar tracking broader weakness of the greenback.
Overseas Investors in Indian equities turned net sellers after a day on Friday. Foreign portfolio investors offloaded equities worth Rs 2,002.25 crore, while the domestic institutional investors, mopped up stocks worth Rs 1,509.95, according to NSE data.