Sensex, Nifty Seen Tad Lower At Open

(RTTNews) - Indian shares are seen lower at open on Thursday as U.S. debt ceiling talks remain at impasse and helped lift the dollar, which printed a fresh 10-week high. U.S. House Speaker Kevin McCarthy, R-Calif., told reporters the two sides remain "far apart," with ongoing talks hitting a snag over Republicans' demand for spending cuts.

On the earnings front, Hindalco Industries posted a 48 percent fall in its standalone net profit for the March quarter and Oil India beat fourth-quarter estimates on higher gas prices, while insurance behemoth LIC reported a fall in net premium income in the March quarter.

Meanwhile, Reserve Bank of India governor Shaktikanta Das said at an event that he expects India's GDP growth to come slightly above 7 percent in the financial year 2022-23.

Benchmark indexes Sensex and Nifty fell around 0.3 percent each on Wednesday to snap a three-day winning streak while the rupee gained 15 paise to close at 82.70 against the dollar, supported by foreign capital inflows.

Asian markets traded mixed this morning as Fitch Ratings put the United States' "AAA" ratings on negative watch, reflecting the worst political standoff over raising the nation's debt ceiling.

The dollar hit a fresh two-month high against a basket of currencies and gold held steady, while oil prices fell slightly after gaining around 2 percent on Wednesday on data showing a large, unexpected drawdown in U.S. crude inventories.

U.S. stocks fell overnight as debt ceiling negotiations dragged on and minutes from the Federal Reserve's May meeting showed officials were split over the need for rate rises.

Nvidia Corp. gave a bullish revenue forecast for the current quarter, helping limit overall losses to some extent.

The Dow shed 0.8 percent to extend losses for the fourth day running, the S&P 500 gave up 0.7 percent and the tech-heavy Nasdaq Composite declined 0.6 percent.

European stocks closed lower on Wednesday, with selling seen across the board. The pan-European STOXX 600 fell 1.8 percent.

The German DAX plunged 1.9 percent, France's CAC 40 plummeted 1.7 percent and the U.K.'s FTSE 100 slumped 1.8 percent.