Indian equities are likely to open higher on Tuesday after global stock prices rose to near five-year highs on Monday. July Nifty futures on the Singapore Exchange traded 41.50 points or 0.7 per cent higher as of 08.43 a.m. indicating a higher opening for local shares.

MSCI’s world index, which tracks stocks in 45 countries, gained 0.44 per cent to 375.49 in early trades. It was about 7 points below a five-year high set in late May.

Asian markets also traded with strong gains, with Hong Kong’s Hang Seng benchmark gaining over 2 per cent.

The Standard & Poor’s 500 stock index hit a record closing high for a third straight session on Monday. Both the S&P 500 and the Dow hit all-time highs last week following a moderate pullback of fears that the Federal Reserve might reduce its bond-purchase stimulus later this year if the economy improves further.

In Europe, upbeat results from Dutch electronics maker Philips (PHG.AS) and Swiss banks UBS and Julius Baer boosted European share prices, but early gains were pared as profit-taking emerged.

Commodities were mostly firmer thanks to the softer dollar. The dollar index was 0.48 per cent lower at 82.207, slipping further away from a three-year high set earlier this month.

Spot gold recorded its biggest-single day gain in more than a year to its highest level in a month. It last traded up almost 3 per cent at $ 1,334.36 an ounce.

(With inputs from agencies)