Indian markets are likely to open positive tracking global indices and SGX Nifty.

US stocks showed a lack of direction early in the trading session on Monday but pulled back sharply over the course of the day. The major averages all showed notable moves to the downside after ending last Fridays trading mixed. The Dow plunged by 1.4 percent to 28195 and the Nasdaq plummeted by 1.7 percent to 11478.

UK stocks were slightly higher on Monday after Chinese GDP data fell short of market expectations but improved industrial output and retail sales figures suggested that the worlds secondlargest economy is marching toward normalization. The benchmark FTSE 100 inched up by 0.1 per cent to 5927.

On the domestic front Indian shares rose sharply on Monday with financials leading the surge after the countrys largest private lender HDFC Bank reported strong earnings for the September quarter raising hopes that other private banks could follow suit. The benchmark SP BSE Sensex surged

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