Indian Shares Set To Follow Global Peers Lower

(RTTNews) - Indian shares look set to open on a sluggish note Tuesday as concerns prevail over tech valuations and the outlook for U.S. interest rates.

On the trade front, White House Economic Adviser Kevin Hassett noted in an interview to CNBC that the U.S.-India relationship is "complicated" but a deal between the two countries would be reached soon.

Benchmark indexes Sensex and Nifty rose around half a percent each on Monday, with underlying sentiment supported by a resounding victory for the BJP-led NDA in the Bihar elections and optimism surrounding a potential India-U.S. trade deal.

The rupee pared intraday losses to settle 3 paise higher at 88.63 against the dollar.

Foreign investors net bought shares worth Rs 442 crore on Monday, while domestic institutional investors net bought to the extent of Rs 1,466 crore, according to provisional exchange data.

Asian markets were deep in the red this morning while gold extended losses for a fourth straight session, weighed down by a firm dollar amid diminished prospects of a Fed rate cut next month.

Oil prices were slightly lower as investors weighed the impact from an emerging global surplus against U.S. sanctions on Russia.

U.S. stocks declined overnight to reach their lowest levels in a month as investors braced for delayed September jobs data and earnings from Nvidia.

The Dow dipped 1.2 percent, the tech-heavy Nasdaq Composite gave up 0.8 percent and the S&P 500 fell 0.9 percent.

European stocks closed firmly in the red on Monday amid dwindling Fed rate-cut bets. The pan European Stoxx 600 slid half a percent.

The German DAX lost 1.2 percent, France's CAC 40 shed 0.6 percent and the U.K.'s FTSE 100 slipped 0.2 percent.