The BSE index is up 0.15 percent and the 50-share NSE index is up 0.09 percent. The focus is on the budget with market participants waiting to see if it will provide fiscal reform measures or whether the government will increase spending ahead of the general elections in 2014.

State-run oil retailers gain after increasing prices of petrol by 1.50 rupees per litre excluding local taxes, and diesel by 0.50 rupees per litre from Saturday. Indian Oil Corp up 1.8 percent, Bharat Petroleum Corp  gains 1.6 percent and Hindustan Petroleum Corp  is up 1.9 percent.

Jet Airways India Ltd shares fall 5.4 percent after Etihad Airways chairman said the Abu Dhabi-based carrier needs to revise its deal to buy a stake in the Indian carrier.

India’s central bank chief struck a hawkish note on Saturday saying there are upside risks to inflation from food and commodity prices, while room for monetary easing is limited will put some dampener on hopes of a March rate cut.

apanese share markets rallied and the yen fell on Monday after Tokyo escaped direct criticism from its G20 peers on its aggressive reflationary plans that have weakened the currency.

The yen started a fresh week on the backfoot after Japan escaped direct criticism from its G20 peers on its aggressive reflationary plans that have weakened the currency and raised international complaints of competitive advantage.

Oil prices sank on Friday and Brent futures finished their first negative week since mid-January after an unexpected dip in U.S. industrial production spurred concerns about lagging economic activity.

U.S. Treasuries prices slid on Friday on brighter outlooks from consumers, with investors turning to fiscal talks in Washington as a slate of budget cuts looms.

    LOCAL MARKETS PREVIOUS CLOSE

•      BSE index 19,468.15 (-0.15 pct)
•      NSE index 5,887.40 (-0.16 pct)
•      Rupee 53.22/23 per dollar (53.92/93)
•      10-year bond yield 7.83 pct (7.82 pct)
•      5-year OIS rate 7.24 pct (7.24 pct)
•      1-year OIS rate 7.60 pct (7.60 pct)
•      Call money 7.75/7.85 pct (7.80/7.90 pct)