Sensex, Nifty Set To Open Higher As US Debt Default Worries Ease
(RTTNews) - Indian shares may open higher on Thursday as concerns about the health of U.S. regional banks eased.
Also, after another round of talks between U.S. President Joe Biden and congressional leaders, there are signs that lawmakers would reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default.
Benchmark indexes Sensex and Nifty fell around 0.6 percent each on Wednesday to extend losses for a second consecutive session while the rupee hit a six-week low before recovering to close up 0.2 percent at 82.38 against the dollar.
Asian markets were broadly higher this morning, the dollar held near a seven-week high, U.S. Treasury yields remained elevated, and gold edged up slightly, while oil prices slipped after settling up about $2 a barrel on Wednesday.
U.S. stocks rallied overnight after regional lender Western Alliance Bancorp came out with a filing showing deposit increase and a statement from the White House said President Biden is "optimistic that there is a path to a responsible, bipartisan budget agreement."
The Dow and the S&P 500 both climbed around 1.2 percent while the tech-heavy Nasdaq Composite surged 1.3 percent to reach a nearly nine-month closing high.
European stocks ended broadly lower on Wednesday as investors reacted to hawkish comments from Fed officials and rising concerns over China's recovery.
The pan European STOXX 600 eased 0.2 percent. The German DAX rose 0.3 percent, while France's CAC 40 finished marginally lower and the U.K.'s FTSE 100 shed 0.4 percent.
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