Indian Shares Seen Slightly Higher

(RTTNews) - Trading in Singapore Nifty futures indicate a positive start on Tuesday, although gains will likely be capped by mixed global cues amid a general holiday mood around the world.

The Indian markets snapped two days of gains on Monday after the RBI's Financial Stability Report warned of increased vulnerabilities in the banking sector. The benchmark BSE Sensex ended down 51 points or 0.24 percent at 21,143, while the broader Nifty index fell 23 points or 0.36 percent to 6,291.

In stock-specific action, shares of Apollo Tyres may rally after U.S.-based Cooper Tire & Rubber Co terminated a proposed $2.5 billion sale to the company.

Retailers and telecom companies may also see increased activity after the government cleared Vodafone Plc.'s proposal to hike stake in its Indian subsidiary and approved Tesco Plc.'s plan to invest $110 million to buy 50 percent stake in Tata Group's Trent Hypermarket.

Asian Markets

Asian stocks are trading mixed in light trading with markets in Japan, Indonesia, South Korea and Taiwan shut for holidays. China's economy is much in focus after figures from the National Audit Office showed the total debt of local governments in China had soared to 17.7 trillion yuan by the middle of this year, up nearly 70 percent from three years ago, highlighting the potential risk to global financial stability.

U.S. And European Markets

U.S. stocks ended roughly flat in quiet trading overnight, as traders seemed reluctant to make any significant moves following recent sharp gains. Investors shrugged off weaker-than-expected pending home sales data and looked ahead to a slew of economic reports in the holiday-shortened week. The Dow rose 0.2 percent, but the S&P 500 and the tech-heavy Nasdaq edged down less than 0.1 percent each.

The European markets ended on a subdued note Monday, as investors paused for breath following two weeks of gains that lifted the benchmark indexes to five-year highs on Friday. The German DAX fell 0.4 percent, the U.K.'s FTSE 100 slid 0.3 percent and France's CAC 40 slipped 0.1 percent.