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Sensex, Nifty Set To Fall As Oil Prices Climb
(RTTNews) - Indian shares look set to open lower on Tuesday, a day after key benchmark indexes tested one-week highs amid receding fears of a full-point Fed rate hike.
Inflation concerns are back on investors' radar after oil prices surged more than 5 percent on Monday, helped by a plunging dollar and signs of tight supplies.
Telecom stocks could be in focus today as the race for 5G spectrum auction heats up with Jio submitting earnest money of ?14,000 crore to DoT.
Benchmark indexes Sensex and the Nifty both jumped around 1.4 percent on Monday while the rupee touched the psychological level of 80 per dollar before closing at 79.98.
Asian markets were broadly lower this morning, though Japanese shares rallied as trading resumed after a long holiday weekend.
Gold prices were subdued and the dollar hovered just above a one-week low hit overnight, while oil took a breather in Asian trading.
U.S. stocks reversed course to end firmly in the red overnight, as a measure of homebuilder confidence plunged in July and reports emerged that Apple plans to slow hiring and spending growth ahead of a potential recession.
The Dow ended 0.7 percent lower, while the tech-heavy Nasdaq Composite and the S&P 500 both shed around 0.8 percent.
European stocks ended well off their day's highs on Monday after Russia's Gazprom told European buyers it cannot guarantee gas supplies because of "extraordinary" circumstances.
The pan European Stoxx 600 climbed 0.9 percent. The German DAX rose 0.7 percent, while France's CAC 40 index and the U.K.'s FTSE 100 both gained around 0.9 percent.
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