Sensex, Nifty May See Tepid Start On China COVID Worries

RTTNews | vor 910 Tagen

(RTTNews) - Indian shares look set to open lower on Monday, tracking weak cues from elsewhere across Asia.

The downside, however, may remain capped amid a plunge in oil prices last week on demand worries.

WTI crude futures plummeted around 10 percent last week to reach six-week lows on China demand worries and fears of more aggressive interest-rate hikes in the United States.

Benchmark indexes Sensex and Nifty ended slightly lower last week due to lack of positive triggers.

Movement of the dollar index, FII flows, the scheduled expiry of November month F&O contracts on Thursday, the latest Fed meeting minutes due on November 24 and speeches by several Federal Reserve officials may sway sentiment as the week progresses.

A synchronized tightening of monetary policy globally has progressively increased the risk of a hard landing, but India is differently placed, RBI Governor Shaktikanta Das said.

Asian stocks traded weak this morning amid news of fresh COVID-19 restrictions in China.

Commodity-related stocks bore the brunt of the selling as authorities locked down part of the manufacturing hub of Guangzhou for five days and urged residents of the sprawling Chaoyang district to remain at home today.

The dollar edged higher on safe-haven demand, pushing gold prices lower. Oil hovered near two-month lows as supply fears receded.

U.S. stocks struggled for direction before finishing higher on Friday but posted weekly losses, as weak data on home sales and leading economic indicators failed to ease investor worries about the Federal Reserve's path of monetary tightening.

The Dow gained 0.6 percent and the S&P 500 rose half a percent, snapping two days of losses reflecting a positive reaction to upbeat earnings news. The tech-heavy Nasdaq Composite ended largely unchanged.

European markets closed higher on Friday despite some hawkish remarks from Fed officials and ECB President Christine Lagarde.

The pan European STOXX 600 jumped 1.2 percent. The German DAX advanced 1.2 percent, France's CAC 40 gained 1 percent and the U.K.'s FTSE 100 edged up half a percent.

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EURUSD	1.12789	GBPUSD	1.3398	AUDUSD	0.64453
USDJPY	144.808	USDCAD	1.39459	USDCHF	0.83278

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Sensex, Nifty May See Tepid Start On China COVID Worries