FTSE 100 to open after bank holiday, Sensex and Nifty edge higher after India’s GDP data

Stocks in Asia-Pacific traded mixed in early session

File image: India’s stock market continues its bull run as Jan-Mar quarter shows better than expected GDP (AFP via Getty Images)

London’s FTSE 100 will open on Tuesday after a long bank holiday week, as the last trading session of the week ended flat, however, the blue-chip index managed some weekly gains.

In the month of May, FTSE 100 has gained almost a hundred points.

Over the pond, stock futures are slightly lower in overnight trading as Wall Street remained shut on account of Memorial Day, however, all three major indexes saw gains in May.

Futures on the Dow Jones Industrial Average fell 0.10 per cent. S&P 500 futures shed 0.09 per cent and Nasdaq 100 futures ticked 0.03 per cent lower.

On Tuesday, shares in major Asia-Pacific markets were mixed in early trade after Chinese manufacturing data came in higher than expected.

Japan’s Nikkei 225 slumped 200 points, but recovered almost to the flat line by noon, trading just 22 points down. South Korea’s Kospi edged higher gaining 0.5 per cent.

Hang Seng also traded higher, almost a hundred points up, while stocks at Mainland China traded below the flatline, falling over a hundred points in the early hours.

Shares in Australia slipped, with the S&P/ASX 200 declining fractionally. The Reserve Bank of Australia on Tuesday announced its decision to hold steady on its current policy settings, including keeping the cash rate at 0.1%.

Indian indices opened higher with Nifty at a new record high and Sensex above 52,000-levels after the Indian economy reported better than expected GDP growth in FY21.

The Asian giant’s gross domestic product (GDP) has contracted by 7.3 per cent in 2020-21 — the biggest dip India has seen since its independence in 1947. However, in the January-March quarter, the GDP rises by 1.6 per cent, higher than expected.