Sensex, Nifty To Follow Global Peers Higher As Fed Worries Ease
(RTTNews) - Indian shares may open on a positive note Wednesday, mirroring firm cues from global markets as soft U.S. jobs data helped ease concerns over rate hikes.
That said, volatility is not ruled out ahead of a heavy week of data releases and the upcoming expiry of monthly derivative contracts. Benchmark indexes Sensex and Nifty eked out modest gains on Tuesday while the rupee ended 8 paise lower at 82.71 against the dollar.
Asian markets were broadly lower this morning and the dollar held firm, while oil extended overnight gains on hurricane jitters and industry data showing a large U.S. stockpile draw.
Gold prices hovered near three-week highs ahead of crucial U.S. jobs and inflation data due this week.
U.S. stocks rose sharply overnight, and Treasury yields eased, as data showing a dip in job openings for the third straight month and deteriorating consumer confidence raised hopes of a pause in interest rate hikes by the Federal Reserve.
The tech-heavy Nasdaq Composite jumped 1.7 percent to extend gains for a third day running, while the S&P 500 rallied 1.5 percent and the Dow advanced 0.9 percent.
European markets rose on Tuesday ahead of key economic data releases due this week. The pan European STOXX 600 gained 1 percent.
The German DAX climbed 0.9 percent and France's CAC 40 added 0.7 percent while the U.K.'s FTSE 100 surged 1.7 percent, led by commodity stocks on China stimulus optimism.
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