Sensex, Nifty May Rise On Global Cues

(RTTNews) - Indian shares are seen opening higher on Friday, mirroring firm cues from global markets as soft retail sales data fueled hoped for an early rate cut in the U.S.

Investors may also react to official data showing that India's trade deficit fell to a nine-month low of $17.5 billion in January as exports increased 3 percent year-on year.

Oil & gas stocks could be in focus today after the government increased the windfall tax on petroleum crude and diesel.

Axis Bank shares may see increased activity after former Rajya Sabha MP and BJP leader Subramanian Swamy moved the Delhi High Court "alleging a scam of nearly Rs.5,100 crore in the private sector lender.

He accused the bank of "making undue gains by way of transactions in shares of Max Life Insurance."

Benchmark indexes Sensex and Nifty both rose about 0.3 percent on Thursday to extend gains for a third straight session. The rupee dropped 2 paise to close at 83.04 against the dollar.

Asian markets traded higher this morning, with Japan's Nikkei hitting a fresh 34-year high on hopes the Bank of Japan will stick with its ultra-loose policy for longer.

The dollar remained under selling pressure ahead of U.S. producer price inflation data due later in the day. Gold held steady after rising in the U.S. trading session overnight.

Oil was flat near the highest level in three months amid signs that OPEC+ members are complying with supply cuts.

U.S. stocks advanced overnight as weak retail sales data sent Treasury yields down and added to bets that the Federal Reserve will cut interest rates in coming months.

Industrial production unexpectedly slipped in January while fewer Americans filed for jobless claims last week, separate reports revealed.

The S&P 500 gained 0.6 percent to reach a new record closing high while the Dow rallied 0.9 percent and the tech-heavy Nasdaq Composite inched up 0.3 percent.

European stocks closed higher Thursday on the back of upbeat corporate earnings and speculation that the Bank of England will cut interest rates in the second quarter to pull the country out of recession.

The pan European STOXX 600 gained 0.7 percent. The German DAX rose 0.6 percent, France's CAC 40 climbed 0.9 percent and the U.K.'s FTSE 100 edged up 0.4 percent.