Sensex, Nifty To Open Lower As US Debt Ceiling Talks Drag On

RTTNews | 778 days ago
Sensex, Nifty To Open Lower As US Debt Ceiling Talks Drag On

(RTTNews) - Indian shares may open lower on Wednesday after no new progress was reported in talks between the White House and U.S. congressional leaders to raise the federal debt ceiling to avoid a potential default next month.

Stock-specific action may be seen, with NMDC and Biocon reporting encouraging earnings results after the market close on Tuesday while JSW Energy reported a 68 percent fall in its Q4 net profit.

Benchmark indexes Sensex and Nifty ended marginally higher on Tuesday to extend gains for a third consecutive session, while the rupee ended 3 paise higher at 82.80 against the dollar, rising for the first time in five sessions.

Asian markets were mostly lower this morning while the dollar held near a two-month high, driven by a jump in short-term Treasury yields.

Gold held steady while oil extended gained for a third day running on signs of a tighter gasoline market outlook and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ cuts to support the market.

U.S. stocks fell sharply overnight, as growing worries over raising the nation's debt limit overshadowed data showing fairly sharp growth in U.S. private sector activity and a jump in new home sales to a level not seen in over a year.

The Dow shed 0.7 percent, the S&P 500 dropped 1.1 percent and the tech-heavy Nasdaq Composite gave up 1.3 percent as another round of debt ceiling talks ended without an agreement.

European stocks fell on Tuesday amid signs of increased Sino-U.S. tensions and data showing a contraction in eurozone manufacturing activity.

The pan European STOXX 600 declined 0.6 percent. The German DAX dropped 0.4 percent, France's CAC 40 fell 1.3 percent and the U.K.'s FTSE 100 slipped 0.1 percent.

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