Sensex, Nifty Set To Follow Global Peers Higher After Powell Comments
(RTTNews) - Indian shares may follow global peers higher on Thursday, with tech stocks likely to see further gains after the Nasdaq Composite logged its biggest single-day gain since April 2020 overnight.
On the earnings front, Tata Motors and Maruti Suzuki India posted contrasting financial results for the June quarter.
Benchmark indexes Sensex and the Nifty jumped around 1 percent each on Wednesday while the rupee fell by 13 paise to close at 79.91 against the dollar.
Asian markets advanced his morning while oil extended gains on the back of lower inventory levels and a weakening dollar.
U.S. stocks rallied overnight on the back of better-than-expected results from mega-cap tech companies and Fed Chair Jerome Powell's comments that he doesn't believe the U.S. is in a recession.
After announcing another 75-bps rate hike, Powell hinted at a slowdown in the pace of rate hikes at future meetings. On the data front, reports on durable goods orders and pending home sales painted a mixed picture of the economy.
The Dow and the S&P 500 rose 1.4 percent and 2.6 percent, respectively to reach their best closing levels in well over a month while the tech-heavy Nasdaq Composite soared 4.1 percent.
European stocks scaled near seven-week highs on Wednesday, with sentiment helped by some fairly encouraging earnings updates from top U.S. and European companies.
The pan European Stoxx 600 gained half a percent. The German DAX rose half a percent, France's CAC 40 index climbed 0.8 percent and the U.K.'s FTSE 100 added 0.6 percent.
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