Sensex, Nifty Set For Cautious Start Ahead Of US Inflation Data
(RTTNews) - Indian shares look set to open largely unchanged on Wednesday, tracking weak global cues as investors await key U.S. inflation data for more clarity on the Federal Reserve's monetary policy path.
A weaker dollar and soft crude oil prices may help cushion the downside to some extent.
Oil prices slipped in Asian trade as industry data showing a surprise build in U.S. crude stocks overshadowed news that the U.S. government plans to refill the nation's emergency oil reserve.
Benchmark indexes Sensex and Nifty gave up early gains to end on a flat note Tuesday amid tepid global cues. The rupee fell 27 paise to close at 82.05 against the dollar.
Asian markets traded lower this morning and the dollar weakened broadly after U.S. President Joe Biden and top lawmakers failed to break a deadlock on the debt ceiling crisis.
The focus remains on U.S. inflation data due later in the day, which will provide clues as to whether the Federal Reserve will pause rate hikes at its meeting next month.
U.S. stocks fell overnight amid the ongoing stalemate in Washington over raising the U.S. debt limit and ahead of key inflation data.
The Dow slipped 0.2 percent, the S&P 500 eased half a percent and the tech-heavy Nasdaq Composite shed 0.6 percent.
European stocks also closed lower on Tuesday after a slew of weak corporate earnings and disappointing Chinese trade data.
The pan European STOXX 600 fell 0.3 percent. The German DAX finished marginally higher, while France's CAC 40 gave up 0.6 percent and the U.K.'s FTSE 100 slipped 0.2 percent.
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