Sensex, Nifty Set For Tepid Start On Weak Asian Cues

RTTNews | 1001天前

(RTTNews) - Indian shares look set to open a tad lower on Friday after data showed GST collections dropped 4 percent in November from the previous month.

Weak cues from other Asian markets and declining U.S stock futures may also weigh on sentiment as investors await the release of U.S. unemployment data later in the day that could affect the outlook for interest rates.

Energy stocks could be in focus after the government reduced the windfall tax on crude oil and the export tax on diesel.

Benchmark indexes Sensex and Nifty rose around 0.3 percent each on Thursday to extend gains for an eighth consecutive session, while the rupee gained 8 paise to close at 81.22 against the dollar.

Asian markets traded mostly lower this morning, while the dollar rose slightly after having dipped to 16-week lows against a basket of major currencies.

Oil prices slipped but were on track for their first weekly gains after three consecutive weeks of decline.

Media reports suggest that the European Union was edging closer to setting a USD 60-per-barrel price cap on Russian oil.

U.S. stocks ended mixed overnight as investors reacted to a mixed batch of economic data.

While U.S. manufacturing activity shrank for the first time in 2-1/2 years in November, consumers' incomes and expenditures increased in October and first-time unemployment benefits declined during Thanksgiving week, separate reports showed. A measure of inflation that is closely monitored by the Federal Reserve eased but remained at an elevated level in October.

The Dow dipped 0.6 percent and the S&P 500 slipped marginally while the tech-heavy Nasdaq Composite edged up 0.1 percent.

European stocks hit a six-month high Thursday on the back of Fed Chair Jerome Powell's dovish remarks on the pace of potential rate hikes and signs of easing COVID curbs in China.

The pan European STOXX 600 climbed 0.9 percent. The German DAX gained 0.7 percent and France's CAC 40 index inched up 0.2 percent while the U.K.'s FTSE 100 eased 0.2 percent.

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