Sensex, Nifty Seen Opening Up On Firm Global Cues

Indian shares look set to open on a positive note Tuesday as traders return to their desks after a long holiday weekend.

Indian stock exchanges were shut Monday on the occasion of Pran Pratistha of Ram Temple in Ayodhya.

Stock-specific action could be seen after Reliance Industries, Hindustan Unilever, ICICI Bank, Kotak Mahindra Bank, Cipla and Colgate Palmolive unveil their quarterly earnings results.

Axis Bank, Bajaj Auto, Havells India, Pidilite Industries, CEAT, DLF, Tata Steel, Tech Mahindra, TVS Motor Company, JSW Steel, and SBI Life Insurance Company are among the other prominent companies due to report their earnings results in the holiday shortened week marked with the F&O expiry and the Republic Day holiday.

On the global front, the focus this week centers on key events such as the Federal Reserve’s preferred PCE price index, U.S. Q4 GDP release and key earnings results from companies like Intel, IBM Corp. and Netflix.

Asian stocks traded mostly higher this morning, though Chinese markets continued to fall despite moves by authorities to support yuan and stock markets.

Japanese shares extended gains for a third consecutive session ahead of the Bank of Japan’s policy decision, with the central bank expected to keep its main monetary policy settings steady.

The U.S. dollar was broadly steady, and gold was marginally lower while oil held gains after the U.S. and U.K. made a fresh round of strikes against Iran-backed Houthi rebels in Yemen.

U.S. stocks closed higher on Monday amid optimism about the outlook for earnings.

The S&P 500 edged up 0.2 percent to close at a record high for a second day running, while the Dow rose 0.4 percent and the tech-heavy Nasdaq Composite added 0.3 percent.

European stocks closed higher on Monday ahead of key economic readings and central bank meetings due later in the week.

The pan European STOXX 600 climbed 0.8 percent. The German DAX also rallied 0.8 percent, France’s CAC 40 gained 0.6 percent and the U.K.’s FTSE 100 inched up…