Markets seen opening higher; Auto stocks eyed

Indian Indices:

The Indian benchmark indices are likely to open on a positive note after surging to a record high on Friday as investors stay bullish over the prospects of Asia’s third biggest economy as reforms lift outlook .SGX Nifty is trading at 33.50 points higher.

Automobile companies will be in focus as the companies unveil their October sales numbers.

Indian shares surged nearly 2% on Friday to a record high for the second consecutive day after Bank of Japan’s surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as L&T.

On Friday (October 31, 2014) 30-share Sensex ended up 519.50 points at 27865.83 and the 50-share Nifty ended up 153 points at 8322.20.

Global Market:

Asian shares opened mixed on Monday with lower trade volume following a rally in the US, where Wall Street rose to record highs on Friday.

The Dow and S&P 500 ended at record highs on Friday and other indexes posted strong gains for a second week after the Bank of Japan’s surprise move to ramp up its stimulus program.

A key pan-European index posted its biggest weekly gain so far this on Friday after the Bank of Japan surprised global financial markets by ramping up its massive stimulus spending.

Major Headlines of the day.

LIC reduces stake in Tata Chemicals by over 2%.

Hero MotoCorp sales decline 8% in October.

Tata Motors on fund raising spree.

BHEL bags Rs220 crore contracts.

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