Indian shares are expected to open higher to follow advances in Asia.

Reuters: BENGALURU Following two weeks of gains in broader Asia and a decline in oil prices, Indian shares may open higher on Monday.

As of 0242 GMT, the Singapore exchange’s NSE stock futures for India were 0.92% higher. The MSCI’s broadest index of shares outside of Japan from Asia-Pacific increased by 0.8%. [MKTS/GLOB]

The S&P BSE Sensex finished the day 0.34% higher at 59,959.85, and the NSE Nifty 50 index gained 0.28% to conclude at 17,786.80, giving the indices a shortened week over 1% high.

They have gained more than 4% for the month as of the most recent close, supported by robust corporate earnings reports and expectations for major central banks to adopt a less aggressive approach.

Oil prices dropped on Monday amid worries that China’s expanding COVID-19 curbs may reduce demand. India, the third-largest oil importer in the world, benefits from the decline in prices because it lowers imported inflation. [O/R]

This week, investors will be monitoring the outcomes of policy meetings held by the Bank of England and the U.S. Federal Reserve, as well as a surprise meeting of the Reserve Bank of India (RBI).

On Nov. 3, the RBI has planned a second meeting of its policy-making committee to perhaps debate how to respond to the government’s repeated inability to fulfil its inflation target.

In terms of earnings, Nifty 50 constituents Tata Steel and Bharti Airtel, a major telecom company, are anticipated to release their quarterly results later in the day.

According to preliminary statistics provided by the National Stock Exchange, international institutional investors purchased a net amount of 15.69 billion Indian rupees ($190.73 million) worth of stocks on Friday, while local investors sold 6.13 billion rupees worth of shares.

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