Sensex, Nifty Seen Higher At Open

(RTTNews) - Indian shares look set to extend recent gains to reach new highs on Tuesday after a rally for big tech stocks helped Wall Street claw back about half its loss from last week overnight.

Benchmark indexes Sensex and Nifty jumped around 0.8 percent and 0.9 percent, respectively on Monday to extend their winning streak for the seventh day running, as enthusiasm over the G20 Summit outweighed muted cues from global markets.

The rupee settled 1 paise lower at 83.03 against the dollar amid persisting selling by foreign investors due to rising global macroeconomic headwinds.

Asian stocks were steady this morning, the dollar took a breather and benchmark 10-year Treasury yields were little changed ahead of key U.S. inflation data that could signal that U.S. interest rates may have peaked.

Gold was little changed in Asian trade while oil prices held near 10-month highs ahead of inventory reports and the release of an OPEC monthly report.

U.S. stocks rose overnight, and the dollar fell by the most in two weeks as signs of easing inflation and comments from Treasury Secretary Janet Yellen boosted hopes that the U.S. economy is headed toward a soft landing.

The tech-heavy Nasdaq Composite surged 1.1 percent after Tesla received a bullish upgrade from Morgan Stanley. The S&P 500 gained 0.7 percent and the Dow rose 0.3 percent.

European stocks closed higher for a second day running on Monday ahead of a busy week of economic data releases and the ECB meeting.

The pan European STOXX 600 closed up 0.3 percent. The German DAX edged up 0.4 percent, France's CAC 40 added half a percent and the U.K.'s FTSE 100 inched up 0.3 percent.