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Sensex, Nifty Set To Follow Global Peers Lower On Recession Fears
(RTTNews) - Indian shares look set to open lower on Thursday, mirroring weak global cues as investors fret over the true scale of infections in China and the possibility of higher interest rates leading to a global recession.
Benchmark indexes Sensex and Nifty ended Wednesday's session marginally lower, snapping a two-day winning streak. The rupee gained 7 paise to close at 82.80 against the dollar.
Asian markets traded mostly lower this morning while gold edged up after having fallen 1 percent on Wednesday, hit by a stronger dollar and higher Treasury yields.
Oil extended overnight losses on concerns over rising COVID cases in China.
U.S. stocks fell sharply overnight, with recession fears and growing concerns around COVID re-emergence weighing on markets heading into 2023.
The tech-heavy Nasdaq Composite lost 1.4 percent to hit a 2022 closing low while the S&P 500 shed 1.2 percent and the Dow declined 1.1 percent.
European stocks closed broadly lower on Wednesday as several countries announced plans to impose entry curbs for those coming from China.
The pan European STOXX 600 slipped 0.1 percent. The German DAX dropped half a percent and France's CAC 40 index gave up 0.6 percent while the U.K.'s FTSE rose 0.3 percent as trading resumed after a long holiday weekend.
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