Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 54 points at the opening bell.
Overseas, Asian stocks are trading higher on Monday buoyed by hopes of a U.S fiscal package before the U.S. presidential elections next month and expectations of a coronavirus vaccine by the end of this year. Drugmaker Pfizer Inc said on Friday it could have a coronavirus vaccine ready in the United States by the end of this year.
China's third-quarter GDP grew 4.9% as compared to a year ago, according to data released Monday by the country's National Bureau of Statistics. Meanwhile, retail sales in China rose 3.3% in September from a year earlier.
Japan's exports fell 4.9% as compared to a year earlier in September, according to trade statistics released by the country's Ministry of Finance on Monday.
In US, stocks rose on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data and brought buyers back to the market.
Retail sales rose strongly in September, the fifth consecutive month of growth, as Americans spent more on clothing, cars and sporting goods. The US Commerce Department said Friday that retail sales jumped 1.9% last month. That's up from an increase of 0.6% in August.
US industrial production fell 0.6% in September. The Federal Reserve reported Friday that industrial production suffered its first decline since a 12.7% drop in April during the spring lockdowns.
Back home, key equity indices ended with modest gains on Friday with the Nifty reclaiming the 11,750 level. The barometer index, the S&P BSE Sensex, rose 254.57 points or 0.64% at 39,982.98. The Nifty 50 index gained 82.10 points or 0.70% at 11,762.45.
Foreign portfolio investors (FPIs) sold shares worth Rs 479.59 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 429.81 crore in the Indian equity market on 16 October, provisional data showed.
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