Sensex, Nifty Seen Tad Higher At Open

(RTTNews) - Indian shares look set to open on a positive note Thursday despite mixed cues from global markets.

The latest batch of Q1 earnings and tariff-related headlines may sway sentiment as the session progresses.

On the earnings front, investors will react to Tech Mahindra Q1 earnings and await updates from Axis Bank, Wipro, Jio Financial Services, LTIMindtree and HDFC Asset Management Company later in the day.

Benchmark indexes Sensex and Nifty recovered from an early slide to end marginally higher on Wednesday. The rupee closed 12 paise lower at 85.94 against the dollar.

Foreign institutional investors (FIIs) net sold shares worth Rs. 1,795.23 crore on Wednesday, while domestic institutional investors (DIIs) net bought shares to the extent of Rs. 1,221.21 crore, according to provisional data.

Asian markets traded mixed this morning following weak trade data from Japan and escalating trade rhetoric, with U.S. President Donald Trump reaffirming his intention to impose a 25 percent tariff on Japanese imports, effective next month.

Traders also keep a close eye on escalating violence in southern Syria, where Israeli airstrikes targeted Syrian government forces for a second day amid clashes between Druze militias and government-aligned Bedouin fighters in Sweida.

Gold dipped to trade near $3,340 per ounce levels as the dollar recouped some of Wednesday's losses.

Oil traded higher in Asian trade, snapping a three-day losing streak after data showed a sharper-than-expected drop in U.S. crude inventories, highlighting tight supply.

Overnight, U.S. stocks rose in volatile trading as President Trump acknowledged discussing firing Fed Chair Jerome Powell with Republicans but denied a letter had been drafted to do that, helping ease Fed independence fears. "I think it's highly unlikely, unless he has to leave for fraud," Trump said.

In economic news, U.S. producer prices were unexpectedly unchanged in June while industrial production rose in the month for the first time in four months, separate set of data revealed.

The narrower Dow rose half a percent while the S&P 500 and the tech-heavy Nasdaq Composite both edged up by 0.3 percent.

European stocks fell for a fourth consecutive session on Wednesday after disappointing earnings updates from the likes of ASML Holdings and Renault.

The pan European STOXX 600 dipped 0.6 percent. The German DAX slipped 0.2 percent, France's CAC 40 shed 0.6 percent and the U.K.'s FTSE 100 eased 0.1 percent.