Indian indices are expected to open in green with the SGX Nifty, an indicator of pre-market opening, up around 17 points to 8744 at 7:45 hrs. Reserve Bank of India Governor Raghuram Rajan held rates and asked bankers to pass on previous rate cuts and banks obliged with ICICI Bank cutting rates by 25 basis points, SBI and HDFC Bank also eased rates by 15 basis points each.
Among global markets, in the US, stocks closed mildly lower as investors eyed continued gains in oil and the dollar ahead of the unofficial start of earnings season on Wednesday.
In Europe, equities rallied to close higher, with fears over an impending interest rate hike in the US receding and investors cheering acquisition news. From the peripheral indices Irish and Italian indices ended with gains of more than 1 percent.
And Asia was positive in morning trade ahead of Bank of Japan's policy decision.
In the currency space, the dollar recovers all the ground it lost against the euro from Friday's jobs report. The dollar index holds above 97 levels. Citing the currency's strength, Bank of America-Merrill Lynch cut its 2015 earnings estimates for the S&P 500 by USD 2 per share.
Among commodities, crude prices slip after Saudi Arabia revved up crude production to its highest level on record in March.
From precious metals space, gold hovers around a 7-year peak and continues to trade above USD 1200 an ounce.
Back home, the cabinet clears the decks to create a regulator for realty sector. The watchdog will address consumer grievances within 60 days. Penal provisions will be initiated against realtors who violate the rules.
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