Sensex, Nifty Set To Follow Global Peers Lower Ahead Of US Inflation Data
(RTTNews) - Indian shares look set to open a tad lower on Wednesday as investors eye U.S. inflation data due later in the day for clues on the Fed's next move.
Earnings would continue to remain in focus, with telecom major Bharti Airtel reporting a 467 percent year-on-year jump in consolidated net profit for the June quarter, aided by subscriber additions and a higher revenue per user.
Power Grid Corp reported a 37 percent fall in Q1 profit on a consolidated basis. Indian stock markets were closed Tuesday on account of Muharram.
Benchmark indexes Sensex and the Nifty jumped around 0.8 percent and 0.7 percent, respectively on Monday, while the rupee fell by 40 paise to 79.65 against the dollar on concerns over aggressive rate hikes by the Federal Reserve.
Asian markets fell in cautious trade this morning and oil traded weak around $90 a barrel, while Treasury yields and a dollar gauge edged up.
U.S. stocks ended lower overnight as investors digested a batch of disappointing earnings reports and awaited inflation data for cues on the Fed's policy tightening path.
The tech-heavy Nasdaq Composite lost 1.2 percent, while the S&P 500 declined 0.4 percent and the Dow eased 0.2 percent.
European stocks closed broadly lower on Tuesday amid an uptick in bond yields and rising tensions over Taiwan. The pan European Stoxx 600 declined 0.7 percent.
The German DAX gave up 1.1 percent and France's CAC 40 index shed half a percent while the U.K.'s FTSE 100 finished marginally higher.
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