Sensex, Nifty To Open On Flat Note Amid Muted Global Cues

(RTTNews) - Indian shares look set to open on a flat note Tuesday as markets head into the final week of 2023. Volatility may increase this week due to the scheduled expiry of December month derivative contracts.

Rising uncertainty in the Red Sea, a surge in new Covid-19 cases and the absence of strong FII action due to year-end may also weigh on markets as the week progresses.

India logged a total of 628 new Covid-19 cases in the last 24 hours, while the active caseload jumped to 4,054, according to Union health ministry data.

Meanwhile, the RBI's MPC meeting minutes noted that domestic food inflation unpredictability and volatility in crude oil prices and financial markets in an uncertain international environment pose risks to the inflation outlook.

Benchmark indexes Sensex and Nifty eked out modest gains on Friday, but ended the week with declines, snapping their seven-week winning streak.

Asian markets were seeing muted gains this morning amid reduced liquidity with some markets including Hong Kong, New Zealand and Australia closed for holidays.

The dollar languished near a five-month low while oil steadied after climbing 3 percent in the previous week, marking the biggest advance since October.

U.S. stocks ended mixed on Friday in light trading as investors headed into the Christmas holiday weekend.

The Dow slipped 0.1 percent while the S&P 500 and the tech-heavy Nasdaq Composite both rose about 0.2 percent as tamer-than-expected consumer price growth data bolstered bets for interest rate cuts early next year.

Separate data revealed orders for newly manufactured durable goods registered their biggest monthly increase in more than three years in November.

European stocks also ended on a mixed note Friday. The pan European STOXX 600 edged up 0.1 percent. France's CAC 40 finished marginally lower while the German DAX and the U.K.'s FTSE 100 both ended flat with a positive bias.