Shutterstock photo(RTTNews.com) - Indian shares look set to open a tad higher on Monday, tracking firm cues from Asia as the weekend passed with no new provocation by North Korea and investors awaited the details of U.S. President Donald Trump's plan for overhauling the tax code.
Investors also await the outcome of the Fed's policy meeting on Tuesday and Wednesday for clues to the likelihood of a rate hike in December.
The dollar held firm against its rivals and oil prices hovered near five-month highs helped by higher demand forecasts from the International Energy Agency while gold hit two-week lows ahead of this week's Fed meeting.
The Dow rose 0.3 percent and the S&P 500 edged up 0.2 percent to reach new record closing highs while the Nasdaq Composite added 0.3 percent.
European stocks ended Friday's session lower but saw their best weekly gains since July. The pan-European Stoxx Europe 600 index closed 0.3 percent lower at 380.71 but ended the week higher by 1.3 percent.
Closer home, benchmark indexes Sensex and the Nifty surged by 1.85 percent and 1.5 percent, respectively last week as geopolitical tensions eased pushing risk appetite higher.
The Modi government has received a rude shock after as much as Rs 65,000 crore of the Rs 95,000 crore taxes collected as GST in July has been claimed as transitional credit by taxpayers. The tax authorities are now scrutinizing all such cases where the sum exceeds Rs 1 crore.
In another development, the GST Network that processes GST returns has offered two more weeks for small traders who missed an earlier opportunity to sign up for a liberal compliance scheme involving quarterly return filings.
In economic releases, RBI data showed that India's forex reserves crossed the $400 bn mark as on September 8 to reach $400.727 billion for the first time ever, mainly on account of foreign portfolio flows.
On the flip side, the country's current account deficit widened to a four-year high of $14.3 billion in the first quarter of the current financial year, driven by a greater increase in merchandise imports than exports.
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