FX.co ★ Sensex, Nifty To Follow Global Peers Higher After Weak US Data

Indian stock market is projected to open with a promising surge on Monday, thanks to the optimistic global scenario. This comes as a result of the subpar U.S. data which signals possible interest rate cuts by the Federal Reserve in the near future.

Shares of Kotak Mahindra Bank may attract attention following its report of 18% rise in the net profit for the fourth quarter as a consequence of robust loan growth. However, the trend throughout the trading day could be affected by the fluctuating crude oil prices, the Q4 outcomes from other leading domestic corporations and the coverage related to the ongoing 2024 Lok Sabha elections.

In terms of economic aspects, traders will be looking forward to the final numbers of the April HSBC Services PMI, forex reserve data for the week ending on May 3rd, and the industrial production data for March.

Asian stocks have seen a lift this morning, with the U.S. dollar maintaining a steady level. Additionally, oil and gold prices have recorded modest increments.

On Friday, U.S. stocks saw a significant rise following Apple's robust earnings report and the disappointing April jobs report. Alongside an unanticipated shrinkage in April's service sector operations, these factors strengthened the argument for rate cuts by the third quarter.

Job data revealed a growth of 175,000 jobs in April, following an upwardly revised surge of 315,000 in March. However, the unemployment rate saw a slight increase from 3.8% in March to 3.9%. The Dow Jones rose by 1.2%, the Nasdaq Composite swelled by 2%, and the S&P 500 increased by 1.3%.

European stocks concluded higher on Friday, aided by several robust earnings reports and expectations of rate cuts, thereby solidifying investor confidence. The pan-European STOXX 600 grew by half a percent, Germany's DAX increased by 0.6%, while France's CAC 40 and the U.K.'s FTSE 100 each ascended approximately half a percent.