Most Asian Markets Log Marginal Gains
Most share indices in the Asia-Pacific region were trading with marginal gains on Monday morning as concerns rose about the China's economy. The government in China slashed spending while unemployment rate rose to the highest level this year, Bloomberg reported.
The KOSPI was trading 3.43 points or 0.13% higher at 2,596.80, and the CSI 300 was trading 13.10 points or 0.41% higher at 3,214.15 as of 08:04 a.m.
Financial markets were closed in Japan for observance of Autumnal Equinox Day.
Moreover, the People's Bank of China cut 14-day reverse repo rate to 1.85% from 1.95%, in move to aid the economy on Monday.
GIFT Nifty Trades Above 25,800; Adani Total Gas, BHEL, Dr. Reddy's Share Prices Likely To React
The GIFT Nifty was trading above 25,800 on Monday. Adani Total Gas Ltd., Bharat Heavy Electricals Ltd., Dr. Reddy's Laboratories Ltd., and Tata Steel Ltd.'s share prices are likely to move during the session.
The GIFT Nifty was trading 26.50 points, or 0.10% higher at 25,860.50 as of 06:33 a.m.
Markets are gradually climbing up—a trend which Motilal Financial Services Ltd. expects to continue this week, backed by strong foreign institutional inflows, healthy domestic macroeconomic environment, and receding concern about the US economy slowing down, the brokerage said Friday.
Overseas investors bought Rs 14,064 crore worth of Indian equities on Friday, while domestic institutional investors sold Rs 4,427 crore worth of Indian equities on Friday, according to data on National Stock Exchanges.
On Friday, the NSE Nifty 50 and BSE Sensex ended at their highest closing levels buoyed by gains in Asian peers and US stocks after touching fresh highs during the session. The benchmarks also recorded gains for the second straight week, due to risk-on sentiment after the US Federal Reserve reduced benchmark rates, in line with market expectation, and guided for more cuts.
The Nifty 50 ended 375.15 points, or 1.48% higher at 25,790.95, and the Sensex was up 1,359.52 points, or 1.63% at 84,544.31.
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