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PremiumMarket Close Highlights : Global stocks ticked higher on renewed bets that the Federal Reserve would likely ease interest rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention.
With the UK and Japan on public holidays, markets in mainland China and Europe got off to an upbeat start, with Friday's softer-than-anticipated U.S. jobs report underpinning sentiment by renewing market rate-cut bets.
Europe's broadest stock index rose 0.4% while S&P 500 and Nasdaq futures added 0.2% each in a positive sign for the Wall Street open later on.
Oil prices were also in focus on the prospects of Saudi Arabian price hikes and rising tensions in the Middle East, with Brent futures up 80 cents to $83.76 a barrel and U.S. crude futures 91 cents higher to $79.02 per barrel.
On Monday, Israel's military called on Palestinian civilians to evacuate Rafah as part of a "limited scope" operation, but did not immediately confirm media reports this was part of preparation for a ground assault.
MSCI's broadest index of Asia-Pacific shares outside Japan peaked at its highest level since February 2023 and last gained 0.57%, while China's blue-chip index closed 1.5% higher.
Hong Kong's Hang Seng Index rose 4.7% last week and on Friday clocked its longest daily winning streak since 2018, closing on Monday 0.55% higher.
The rebound in Chinese markets followed the country's Politburo meeting, where policymakers said they will step up support for the economy with prudent monetary and proactive fiscal policies.
A long-awaited recovery in the Chinese economy is also gaining momentum. Data on Monday showed the country's services activity expansion slowed a touch amid rising costs, but growth in new orders accelerated and business sentiment rose.
Markets globally have also enjoyed a boost from Friday's U.S. nonfarm payrolls report.
That reinforced bets Fed rate cuts would most likely come this year, after Chair Jerome Powell also maintained the central bank's easing bias last week.
In Europe, Goldman Sachs raised its 2024 EPS growth forecast for STOXX 600 companies to 6% from 3% earlier, the bank said in a note on Friday.
According to Goldman, a 10% annual rise in Brent prices adds about 2.5 pp (percentage points) to annual EPS growth, and a 10% weaker euro/dollar exchange rate adds about the same.
The dollar held broadly steady on Monday, leaving the euro away from a one-month high to last trade at $1.0769, while sterling similarly edged lower and last bought $1.2545.
Elsewhere, traders remained on alert for further volatility in the yen, after last week's bouts of suspected intervention from Japanese authorities to stop a sharp slide in the currency.
Gold tacked on 0.7% to $2,317 an ounce.
Sensex Today Live : Indian benchmark indices closed in the red on Monday, following the RBI's announcement proposing more stringent regulations to govern the lending to projects that are currently under implementation.
Sensex, which had opened marginally higher at 74,196.68, climbed to a high of 74,359.69, before touching a low of 73,786.29. At close, the Sensex was up 17.39 points, or 0.02%, at 73,895.54.
Further, the Nifty 50, which had opened higher at 22,561.60, touched a high of 22,588.80, before falling to an intraday low of 22,409.45 later. At close, the Nifty 50 was down 33.15 points, or 0.15%, at 22,442.70.
On the Sensex, 11 out of the 30 stocks ended in the red. Titan, SBI, NTPC, Power Grid Corp., and Bajaj Finance, were the top drags, while Kotak Mahindra Bank, TCS, Hindustan Unilever, Mahindra & Mahindra, and Sun Pharma were the top gainers for the day.
Meanwhile, on the Nifty 50, More than half of the stocks ended in the red. Titan, Adani Enterprises, Coal India BPCL, and SBI, were the top drags for the day, while Britannia, Kotak Mahindra Bank, TCS, Hindustan Unilever, and Mahindra & Mahindra were the top gainers.
The broader market also ended in the red, with the BSE SmallCap shedding 1.06%, and the BSE MidCap losing 0.95%.
The PSU Bank index closed down 3.66%, followed by the Consumer Durables and Oil & Gas indices, which were down 2.55% and 1.75%, respectively. The Media index closed down 2.16%.
Among the gainers, the Realty index ended up 2.76%, while the IT and FMCG indices closed up 0.94% and 0.71%, respectively.
The Health and Pharma indices closed in the green, while the Bank and Financial services indices were in the red at close.
Separately, in macroeconomic news, the HSBC India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, fell to 60.8 in April from 61.2 in March, but is higher than February’s 60.6. The index hit a six-month peak of 61.8 in January.
The reading has remained above the 50 mark, which separates expansion from contraction, for 33 months.
In the corporate world, Kotak Mahindra Bank shares climbed more than 5% on the BSE as the company posted a 26% YoY jump in Q4 net profit.
Sensex Today Live : The PSU Bank index was down 3.59%, followed by the Consumer Durables and Oil & Gas indices, which were down 2.48% and 1.73%, respectively. The Media index was down 1.94%.
Among gainers, the Realty index was up 2.84%, while the IT and FMCG indices were up index 0.95% and 0.73%, respectively.
The Health and Pharma indices were trading in the green, while the Bank and Financial services indices were in the red.
Sensex Today Live : The broader market was in the red, with the BSE SmallCap losing 0.94%, and the BSE MidCap down 0.87%.
Sensex Today Live : Half of the stocks on the Nifty 50 were in the red. Titan, Adani Enterprises, BPCL, SBI, and Coal India were the top drags, while Britannia, Kotak Mahindra Bank, TCS, Hindustan Unilever, and Mahindra & Mahindra were the top gainers.
Sensex Today Live : 13 out of the 30 stocks on the Sensex were in the red. Titan, SBI, NTPC, Power Grid Corp., and Bajaj Finserv, were the top drags, while Kotak Mahindra Bank, TCS, Hindustan Unilever, Sun Pharma, and Mahindra & Mahindra were the top gainers.
Sensex Today Live : Indian benchmark indices were trading in the red on Monday, with markets dragged down by the Reserve Bank of India's announcement proposing more stringent regulations that would govern the lending to projects that are currently under implementation.
At 3 pm, Sensex was down 46.07 points, or 0.06%, at 73,832.08, and Nifty was down 54.85 points, or 0.24%, at 22,421.
Sensex Today Live : The company's sales increased 15% YoY, reaching ₹2,192 crores in Q4FY24 from ₹1,903 crores in Q4FY23. This also marks an 11% increase from Q3 FY24, which had sales of ₹1,979 crores. The total sales for FY24 was ₹8,046 crores, a 15% increase from FY23.
EBITDA for the company grew 15% YoY to ₹332 crores in Q4FY24 , from ₹290 crores in Q4FY23. The EBITDA to Sales ratio remained fairly consistent at around 15%.
The Profit Before Tax (PBT) increased by 17% YoY to ₹307 crores in Q4 FY24.
The company's Profit After Tax (PAT) remained almost the same at ₹240 crores. There was an exceptional income (net) of ₹(6) crores in Q4 FY24 compared to ₹19 crores in Q4 FY23. After accounting for this, the PAT decreased by 10% YoY to ₹234 crores in Q4FY24.
Sensex Today Live : Rating: HOLD | CMP: Rs3,893 | TP:Rs4,032
KEI Industries sustains its robust growth trajectory and guided revenue growth of 17-18% in FY25, driven by a promising demand outlook in the export business (expected +50% growth) and domestic sectors such as Infrastructure, Railways, Real Estate, etc.
The company aims to reach 11.0% EBITDA margin in FY25. KEI has reported strong rev. in EHV cables (+80.6% YoY), housing/winding wire (+22.5% YoY) & EPC business (+53.7% YoY) in Q4FY24. However, its EHV rev. reach to pick, expected to be flat in FY25.
We tweak our earnings estimates for FY25/FY26E and estimate Revenue/EBITDA/PAT CAGR of 17.1%/20.7%/20.7%.
The consistent growth in both margins and performance, coupled with robust returns (27.5%/20.3% RoCE/RoE in FY24), along with optimistic guidance, compel us to assign a premium valuation to the company compared to its peers.
Maintain ‘HOLD’ at revised TP of ₹4,032 ( ₹3,692 earlier), valuing at 43x FY26 earnings.
Target Price : ₹2,632
Upside : 3%
CMP : ₹2,545 (as on 03 May 2024)
We believe the tyre sector may have reached its peak margin (from raw material-related benefit). Historically, the stock price peaks closer to an earnings upgrade cycle, which happens closer to margin peaks; Q4 may be the start of earnings downgrade cycle.
Since we view margins to have peaked in FY24, expect FY24-26E EBITDA/ EPS CAGRs to be paltry at 3.3% /4.5%.
Strong catalysts for a sustained upmove are limited (barring any sharp reduction in RM basket, which is unlikely in the medium term, in our view). Price increases in an environment of softening demand will be monitored.
Expect FY25E/26E EBITDA margin at 12.5%/12.6%, factoring in the impact of the EPR regulation as well. With capex intensity behind, FY24-26E cumulative FCF generation may be INR 20.4bn. We maintain Reduce and lower our TP to INR 2,632 from INR 2,850 on 14x (previously 15x) FY26E P/E.
Sensex Today Live : Indian Bank announced reported a 55% YoY jump in net profit at ₹2,250 crore.
The bank's operating profit also saw a steady growth, increasing by 7% YoY to stand at ₹4,300 crore.
The bank managed to reduce its gross non-performing assets (NPAs) from 4.47% in the previous quarter to 3.95% in Q4.
The bank declared a dividend of ₹12 per share.
Sensex Today Live : Indian benchmark indices were trading in mixed on Monday, with markets dragged down by the Reserve Bank of India's announcement proposing more stringent regulations that would govern the lending to projects that are currently under implementation.
At 2 pm, Sensex was up 23.47 points, or 0.03%, at 73,901.62, and Nifty was down 32.15 points, or 0.14%, at 22,443.70.
Sensex Today Live : Arvind’s net profit saw a modest increase of 2%, rising to ₹99 crore in Q4FY24 from ₹97 crore in Q4FY23.
The company’s revenue experienced a more substantial growth of 10%, increasing to to ₹2,074.5 crore in Q4FY24 from ₹1,880.8 crore last year.
The EBITDA also marked a slight increase of 1%, moving to ₹192.2 crore in Q4FY24, up from ₹190.7 crore last year.
However, the profit margin showed a slight decrease, dropping from 10.1% in the previous year to 9.3% this year.
Sensex Today Live : Indian benchmark indices were trading in mixed on Monday, with markets dragged down by recent announcements made by the Reserve Bank of India regarding regulations governing the lending to projects currently under implementation.
At 1 pm, Sensex was up 86.01 points, or 0.12%, at 73,964.16, and Nifty was down 11.65 points, or 0.05%, at 22,464.20.
Sensex Today Live : The holdings of domestic mutual funds (MFs) in publicly traded companies reached a record high of 8.92% as of March 31, an increase from 8.81% in the previous quarter, as per the data compiled by primeinfobase.com.
Consequently, the proportion of shares held by foreign institutional investors contracted to a low not seen in 11 years, standing at 17.68% for the quarter, a decrease of 51 basis points. A basis point is defined as one-hundredth of a percentage point.
Interestingly, MFs saw gains for the third quarter in a row, propelled by strong net inflows amounting to ₹81,539 crore during the January-March period. The analysis was conducted based on the most recent data on the shareholding patterns of companies listed on the National Stock Exchange. (Read the full story here.)
Sensex Today Live : During the trading session on Monday, public sector unit (PSU) stocks witnessed significant drops, with some shares experiencing a steep fall of up to 13%.
This downward trajectory was a reaction to the Reserve Bank's announcement made on the preceding Friday. The announcement proposed more stringent regulations that would govern the lending to projects that are currently under implementation.
According to the guidelines set forth by the Reserve Bank of India (RBI), a general provision of 5% must be allocated for all existing and new project loans that are in the construction phase, that is, before the commencement of commercial operations. However, once the project enters the operational phase, these provisions can be scaled down to 2.5% of the outstanding funding. Under specific conditions, these provisions can be further reduced to 1%. (Read the full story here.)
Sensex Today Live : The PSU Bank index was down 3.13%, followed by the Media, Consumer Durables and Oil & Gas indices, which were down 1.92%, 1.72%, and 1.15%, respectively.
The Realty index had gained the most; it was up 2.12%, followed by the IT index, which was trading up 1.26%.
The Bank, Auto, FMCG, Health, and Pharma indices were trading in the green.
Sensex Today Live : The broader market was in the red, with the BSE SmallCap losing 0.67%, and the BSE MidCap down by the same amount.
Sensex Today Live : Nearly half of the 50 stocks on the Nifty 50 were in the red. Titan, Adani Enterprises, NTPC, SBI and Adani Ports & SEZ were the top drags, while Britannia Industries, Kotak Mahindra Bank, TCS, JSW Steel, and Sun Pharma, were the top gainers.
Sensex Today Live : 10 of the 30 stocks on the Sensex were in the red. Titan, NTPC, SBI, Power Grid Corp., and Reliance Industries, were the top losers, while Kotak Mahindra Bank, TCS, JSW Steel, Sun Pharma, and Infosys, were the top gainers.
Sensex Today Live : Indian benchmark indices were trading in the green on Monday, led by firm cues from global peers.
At 12 pm, Sensex was up 251.66 points, or 0.34%, at 74,129.81, and Nifty was up 34.15 points, or 0.15%, at 22,510.
Sensex Today Live : Total revenue from operations for the quarter ending March 31, 2024, stood at ₹5,420.24 crore, showing a significant increase of 46.45% from ₹3,700.83 crore for the same quarter in the previous year.
The revenue for the entire fiscal year was ₹18,845.22 crore, a substantial rise of 47.73% from ₹12,757.04 crore in the previous fiscal year.
The profit before tax for the quarter ending March 31, 2024, was ₹1,436.92 crore, a growth of 23.93% compared to ₹1,159.10 crore for the same quarter in the previous year.
The profit before tax for the entire fiscal year was ₹4,582.10 crore, up by 27.30% from ₹3,599.69 crore in the previous fiscal year.
The total comprehensive income for the quarter ending March 31, 2024, was ₹1,040.75 crore, an increase of 21.48% from ₹856.62 crore for the same quarter in the previous year.
For the entire fiscal year, the total comprehensive income was ₹3,362.65 crore, a growth of 24.54% compared to ₹2,700.01 crore in the previous fiscal year.
Sensex Today Live : Kaizen Agro Infrabuild, announced today that it has, in partnership with the National Agriculture Cooperative Marketing Federation of India Limited (NACOF), secured an order for 80 metric tonne of packet tea from the Uttar Pradesh Cooperative Federation Ltd (PCF). This significant achievement is part of a broader initiative to ensure the accessibility of essential commodities to every household in India.
Andrew Yule & Co. Limited, a Government of India Enterprise, markets its packet tea throughout India via NACOF and Kaizen Agro Infrabuild Ltd. A comprehensive marketing plan has been developed for the sale of tea produced by government enterprises.
The secured order from PCF, which operates 246 distribution centers across Uttar Pradesh, underscores the Indian Government's commitment to supporting local farmers and promoting domestically manufactured goods. This strategic collaboration is set to enhance the distribution of quality tea to households across the region, the company said in an exchange filing.
Sensex Today Live : Sprayking today announced that it has secured an order worth ₹40 million. The advance received for brass rod, positions Sprayking for further expansion and innovation in its product range.
Capitalizing on its manufacturing expertise, Sprayking has launched two new brands, TPU-PLUMB and NAIK, specifically designed to cater to the diverse needs of customers in Africa. These brands have been carefully developed and are certified by the South African Bureau of Standards (SABS).
Sensex Today Live : The HSBC India Services PMI Business Activity Index, despite a slight drop from 61.2 at the end of the previous fiscal quarter to 60.8 in April, still indicates one of the strongest growth rates in nearly 14 years.
This upturn in output is attributed to favourable economic conditions, strong demand, and an increase in new work.
Business activity has seen an increase across all four sub-categories monitored by the survey, with Finance & Insurance leading the way. Notably, service companies have reported the second-fastest increase in new export business in the series' near ten-year history, trailing only behind the growth seen in March. This growth is supported by gains from several countries across Asia, Africa, Europe, the Americas, and the Middle East.
Sensex Today Live : Indian benchmark indices were trading in the green on Monday, led by firm cues from global peers.
At 11 am, Sensex was up 301.47 points, or 0.41%, at 74,179.62, and Nifty was up 46.45 points, or 0.21%, at 22,522.30.
Sensex Today Live : One Point One Solutions announced to day that its subsidiary ITCube Solutions has recently secured a significant client win in Europe. The new client is a global leader specializing in brand protection, using advanced AI tools to combat online piracy, counterfeiting, and intellectual property infringement.
As per the agreement, ITCube will manage detection and enforcement services for copyright and intellectual property rights. Leveraging ITCube's expertise and the new client's advanced AI platform, the partnership aims to provide comprehensive protection against unauthorized use of brands and copyrighted content.
Sensex Today Live : Alembic Pharmaceuticals announced today that its oncology (injectable and oral solid) formulations facility in Panelav, Gujarat has received an Establishment Inspection Report from the US FDA.
The company, in an exchange filing, said, "We are pleased to inform the exchanges that the Company has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (US FDA) for the inspection carried out by them at our Oncology (Injectable and Oral Solid) Formulation Facility (F-2) at Panelav from 28th February, 2024 to 8th March, 2024."
The company added that with this, all of its US FDA facilities have EIRs in place.
Sensex Today Live : The PSU Bank index was down more than 4%, while other heavyweight indices like Oil & Gas, Consumer Durables, Metal and Media were down more than 2%.
The IT index was up more than 1%.
Sensex Today Live : The broader market was in the green, with the BSE MidCap index down 1.45%, and the BSE SmallCap index down 1.2% SmallCap.
Sensex Today Live : 21 of the 50 stocks on the Nifty 50 were in the green. Kotak Mahindra Bank, Britannia Industries, TCS, Mahindra & Mahindra, and Infosys were the top gainers, while Titan, Adani Enterprises, Adani Ports & SEZ, Coal India and ONGC were the top drags.
Sensex Today Live : 12 of the 30 stocks on the BSE Sensex were in the red. Titan, SBI, Power Grid Corp., NTPC, and Larsen & Toubro were the top drags, while Kotak Mahindra Bank, TCS, Infosys, Mahindra & Mahindra, and Axis Bank were the top gainers.
Sensex Today Live : Indian benchmark indices opened in the green on Monday, led by positive cues from global peers.
At 10 am market update, Sensex was up 167.51 points, or 0.23%, at 74,045.66, and Nifty was down 25 points, or 0.11%, at 22,450.
Sensex Today Live : Mangalore Refinery and Petrochemicals reported a 40.5% YoY decline in net profit at ₹1,138.5 crore for Q4. The company's revenue from operations declined 0.1% to ₹25,328.7 crore.
The fintech company announced the resignation of its COO and president, Bhavesh Gupta, effective from May 31, 2024. Gupta will continue to support the company in an advisory capacity. Varun Sridhar has been appointed as CEO of Paytm Services, and Rakesh Singh as CEO for Paytm Money.
Sensex Today Live : The company plans to launch residential projects worth ₹30,000 crore this fiscal year across major cities, aiming for a 20% growth in sales bookings. The company's sales bookings jumped 84% to a record ₹22,527 crore in the last fiscal year. The company plans to launch projects across Delhi-NCR, Mumbai-Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad markets.
Sensex Today Live : The company reported a 27.4% YoY decline in Q4 net profit at ₹157.2 crore. The company's revenue dipped 7.2% to ₹1,301 crore. EBITDA declined 1.1% to ₹240 crore. The board recommended a final dividend of ₹8.40 and a special dividend of ₹1.65 per equity share. The company closed 12 large deals in FY24 and re-appointed Warren Kevin Harris as CEO and managing director.
Sensex Today Live : The company plans to invest over ₹2,500 crore in fiscal year 2025 to expand its cargo handling capacity. The company anticipates a 50% increase in capacity to 258 million tonne with an investment of ₹14,000 crore by 2027.
Sensex Today Live : The bank's PAT for FY24 increased by 26% YoY to ₹13,782 crore. The PAT for Q4FY24 was ₹4,133 crore, an 18% YoY increase. The bank's NII for FY24 increased by 21% YoY to ₹25,993 crore. The NIM for Q4FY24 was 5.28%. The bank's board recommended a ₹2 per share dividend.
Sensex Today Live : Titan reported a Q4 standalone net profit of ₹786 crore, up 7% YoY. The company's revenue rose 17% to ₹10,047 crore. EBITDA for the quarter was at ₹1,109 crore, growing by 6.2%. The board recommended a dividend of ₹11 per equity share.
Sensex Today Live : Indian benchmark indices opened in the green on Monday, led by positive cues from global peers.
At opening bell, Sensex was up 247.32 points, or 0.33%, at 74,125.47, and Nifty was up 70.15 points, or 0.31%, at 22,546.
Sensex Today Live : Indian benchmark indices were jumped at pre-open on Monday, driven by firm cues from global markets.
Sensex was up 340.91 points, or 0.46%, at 74,219.06 and Nifty was up 85.75 points, or 0.38%, at 22,561.60 during pre-open.
Sensex Today Live : Kotak Mahindra Bank, DMart, Mahindra Finance, Britannia, Titan, Inox Wind, are a few stocks likely to be in focus on Monday, May 6.
Sensex Today Live : The Indian stock market's benchmark indices, Sensex and Nifty 50, are projected to start the week on a positive note on Monday, buoyed by encouraging signals from global markets. The Gift Nifty trends also suggest a gap-up opening for the Indian benchmark index, trading around the 22,685 level, which is nearly 110 points higher than the previous close of Nifty futures.
On the previous trading day, Friday, the benchmark indices closed about a percent lower due to profit booking across various sectors. The Sensex fell by 732.96 points, or 0.98%, to close at 73,878.15, while the Nifty 50 ended 172.35 points, or 0.76%, lower at 22,475.85.
The Nifty 50 formed a long bearish candle on the daily chart, engulfing the small range candle of the previous few sessions. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, this pattern could be interpreted as a bearish engulfing pattern, indicating potential further weakness. The Nifty's weekly chart formed a gravestone doji type candle pattern at new highs, which typically signals a reversal on the downside following a significant upward bounce. Therefore, investors should exercise caution at these high levels. Shetti believes that the short-term trend of the Nifty appears to have turned downwards. (Read the full story here.)
Sensex Today Live : The Indian stock market, represented by the Sensex and Nifty 50 indices, is anticipated to commence trading on a positive note on Monday, influenced by a surge in global markets. This optimism is fueled by a weaker than expected US jobs report, which has led to speculation that the US Federal Reserve may not sustain high interest rates and could initiate rate reductions in the near future.
Investors will be closely monitoring several key factors that could impact the stock market. These include the progress of the ongoing Lok Sabha elections in 2024, the release of Q4 results, and various domestic and international macroeconomic data. The price of crude oil and other global indicators will also be under scrutiny.
After reaching a new high of 22,794 levels, the Nifty 50 experienced profit booking and faced downward pressure. This was due to increased market volatility and apprehension at higher levels. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, anticipates that the market will consolidate within a wider range and the base will gradually move upwards. (Read the full story here.)
Sensex Today Live : Indian markets were expected to start on a positive note, following global peers higher as colling wages in the US firmed up anticipation of a sooner rate cut by the US Federal Reserve.
Gift Nifty futures were trading at 22,686, around 200 points ahead of Nifty 50's Friday close of 22,475.
Asian stocks rose on Monday on renewed bets that the Federal Reserve would likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention.
Trading was thinned in Asia with Japan out for a holiday, though markets in mainland China got off to an upbeat start after returning from an extended break.
MSCI's broadest index of Asia-Pacific shares outside Japan edged more than 0.5% higher, while China's blue-chip index gained 1.4%.
Chinese shares offshore posted strong gains last week while mainland markets were closed from Wednesday to Friday for the Labour Day holiday.
Hong Kong's Hang Seng Index rose 4.7% last week and on Friday clocked its longest daily winning streak since 2018. It was last down 0.2%.
The Nasdaq-listed Golden Dragon China Index jumped 5.5% last week.
Similarly, in currency markets, the offshore yuan was last roughly 0.1% lower at 7.2013 per dollar, after strengthening more than 1% last week, in part due to a broadly weaker dollar.
The People's Bank of China on Monday also lifted its official yuan midpoint to the highest in three weeks, catching up with movements offshore. That sent the onshore yuan to its highest in over a month at 7.2009 per dollar.
The rebound in Chinese markets has come on the back of the country's Politburo meeting, where policymakers said they will step up support for the economy with prudent monetary and proactive fiscal policies.
The broader market rally across Asia meanwhile got an additional boost from Friday's U.S. nonfarm payrolls report, which came in cooler than expected.
That reinforced bets that Fed rate cuts would likely come later this year, after Chair Jerome Powell also maintained the central bank's easing bias last week.
The dollar held broadly steady on Monday, leaving the euro away from a one-month high to last trade at $1.0766, while sterling similarly last bought $1.2551.
Trading of cash U.S. Treasuries was closed with the Japan holiday, though futures were little changed.
Elsewhere, traders also remained on alert for any further volatility in the yen, after last week's bouts of suspected intervention from Japanese authorities to stop a sharp slide in the currency.
Economic leaders of South Korea, Japan and China had on Friday said heightened foreign exchange market volatility was one of the risk factors that could affect regional growth prospects in the near term.
In commodities, Brent futures rose 0.3% to $83.21 a barrel, while U.S. crude futures similarly edged 0.35% higher to $78.39 per barrel. Gold tacked on 0.2% to $2,307.15 an ounce.
