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Sensex, Nifty To See Cautious Gains On Muted Global Cues
(RTTNews) - Indian shares may open on a cautious note Tuesday, tracking muted global cues.
Sustained foreign fund inflows and a downtrend in oil prices may help limit the downside to some extent.
Shares of Reliance Industries could be in focus after Reliance Jio launched Jio Bharat Phone, an entry-level 4G feature phone, at Rs. 999.
Benchmark indexes Sensex and Nifty jumped around 0.7 percent each to reach fresh record closing highs on Monday while the rupee hit a high of 81.76, its strongest since May 8, before ending at 81.9575 per dollar.
Asian markets were mostly lower this morning, the safe-haven yen rose slightly, and gold steadied above $1,900 per ounce, while oi traded flat after having fallen about 1 percent in the U.S. trading session overnight on fuel demand concerns.
Overnight, U.S. stocks eked out modest gains amid an abbreviated trading session ahead of the Independence Day holiday.
Higher yields lifted banks and Tesla reported stronger-than-expected quarterly sales, helping offset data showing U.S. manufacturing contracted in June for an eighth straight month.
The Dow edged up marginally, the S&P 500 gained 0.1 percent and the the-heavy Nasdaq Composite rose 0.2 percent.
European stocks reversed course to end lower on Monday after new surveys showed global factory activity slumped in June amid rising interest rates.
The pan European STOXX shed 0.2 percent. The German DAX dropped 0.4 percent, France's CAC 40 slipped 0.2 percent and the U.K.'s FTSE 100 slipped 0.1 percent.
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