Sensex, Nifty May Follow Global Peers Higher

(RTTNews) - Indian shares may open higher on Friday, mirroring positive cues from global markets.

Tech shares may lead the charge, driven by AI optimism and notable performances from chipmakers like Nvidia on Wall Street overnight.

Benchmark indexes Sensex and Nifty cut early losses to end down about half a percent each on Thursday while the rupee gained 2 paise to settle at 83.12 against the dollar.

Speaking at the World Economic Forum Annual Meeting 2024 at Davos, Reserve Bank of India Governor Shaktikanta Das on Wednesday clarified that Mint Street's efforts towards globalizing the rupee "are not intended to replace the dollar".

Asian markets were broadly higher this morning after Taiwan Semiconductor Manufacturing Co., the main supplier of chips to Apple Inc. and Nvidia Corp., said it sees a return to solid growth this quarter.

The dollar steadied and Treasury yields inched higher while oil was little changed after closing at a three-week high on escalating Middle East tensions.

U.S. stocks rose overnight as AI optimism buoyed tech stocks, offsetting investor anxiety surrounding possible interest rate cuts.

A measure of weekly jobless claims dropped to the lowest level in nearly 1-1/2 years in a sign of a tight labor market.

Atlanta Federal Reserve President Raphael Bostic said he expects policymakers to start cutting rates in the third quarter of this year and the goal ahead is to calibrate policy to be not so restrictive.

The tech-heavy Nasdaq Composite surged 1.4 percent, the S&P 500 added 0.9 percent and the Dow rose half a percent.

European stocks rose for the first time in three days on Thursday as investors reacted to upbeat corporate earnings and the release of the ECB's December meeting minutes.

The pan European STOXX 600 advanced 0.6 percent. The German DAX climbed 0.8 percent, France's CAC 40 jumped 1.1 percent and the U.K.'s FTSE 100 inched up 0.2 percent.