Nifty likely to follow most Asian peers, open in red

The Indian Nifty is likely to open in the red with indicator SGX Nifty trading at 8052, down 25 points. The Nifty ended the previous week below 8100 mark, down 45.95 points or 0.6 percent at 8065.80. The Sensex slipped 181.31 points or 0.7 percent at 26656.83.

Meanwhile, Asian stocks held on to losses early Monday, even as a private survey of China's mammoth manufacturing sector indicated factory activity fell for an eighth straight month in October, but at a slower pace. Share markets in China opened down on Monday, with the key Shanghai Composite index easing 0.7 percent. Blue-chips mostly fell, with Industrial and Commercial Bank of China (ICBC) slipping 0.2 percent and heavyweight PetroChina down 1 percent. Among other indexes, both the blue-chip CSI300 and the Shenzhen Composite fell 0.7 and 0.5 percent respectively, while Hong Kong's Hang Seng index headed down 1 percent.

Japan's Nikkei 225 index pulled back from Friday's two-month high, falling below the 19,000 mark in early trade. South Korea's Kospi index outperformed regional peers early Monday, thanks to modest gains in the bourse's top two weighted stocks.

Benchmark indices on Wall Street ended lower on Friday, but closed out their best month in four years. The gains were helped by a recovery in oil prices and hopes of an easy monetary policy from the Federal Reserve.

In Europe,  stocks closed mixed on Friday, pressured by weak corporate earnings, but finished the month with gains of around 8 percent.

In the currency space, dollar remained steady on Friday. In commodities, Nymex crude is back above 46 dollars per barrel after the US oil rig count fell for a ninth straight week, indicating crude production could decline in coming months. From precious metals space, gold fell to a three-week low, heading for its biggest weekly drop since August on the chance the US Federal Reserve may still raise interest rates this year.