Sensex, Nifty Seen Up After Powell Speech; RBI Meeting Eyed

RTTNews | 883 days ago
Sensex, Nifty Seen Up After Powell Speech; RBI Meeting Eyed

(RTTNews) - Indian shares are likely to open higher on Wednesday after Fed Chair Jerome Powell reiterated his view that inflation was falling.

The RBI's interest-rate decision and market reaction to earnings from prominent companies including Bharti Airtel, Ambuja Cements and Hero MotoCorp may sway sentiment as the day progresses.

Adani Group stocks would continue to remain in focus, with reports suggesting that Adani Ports will repay a debt of around 50 billion rupees ($604.6 million).

The Group is also considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls.

Benchmark indexes Sensex and Nifty fell slightly in cautious trade on Tuesday, with metal stocks leading losses after Tata Steel posted a surprise loss for the December quarter on account of higher expenses. The rupee gained 6 paise to close at 82.70 against the dollar.

Asian stocks were trading mixed this morning, with Shanghai, Hong Kong and Japanese markets declining. The dollar eased and gold traded flat while oil extended gains for a third day running on hopes for demand recovery in China.

U.S. stocks ended Tuesday's session on a buoyant note after Fed Chair Jerome Powell said he expects 2023 to be a year of "significant declines in inflation" but additional rate increases may be required if the economic data doesn't cooperate.

The Dow rose 0.8 percent, the S&P 500 climbed 1.3 percent and the tech-heavy Nasdaq Composite added 1.9 percent.

European stocks closed mostly lower on Tuesday after the release of weak German industrial production and U.K. retail sales data. The pan-European STOXX 600 rose 0.2 percent.

The German DAX slipped 0.2 percent and France's CAC 40 index finished marginally lower while the U.K.'s FTSE 100 gained 0.4 percent after BP Plc reported record annual profits.

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