Sensex, Nifty Seen Tad Higher At Open; TCS Earnings Eyed
(RTTNews) - Indian shares are likely to open higher on Wednesday, tracking firm cues from global markets and ahead of TCS' Q2 earnings results later in the day.
Underlying sentiment may remain supported somewhat after the International Monetary Fund (IMF) raised India's GDP growth forecast for FY24 to 6.3 percent from 6.1 percent estimated earlier, citing stronger than expected consumption in the April-June quarter.
Benchmark indexes Sensex and Nifty jumped around 0.9 percent each on Tuesday as the dollar and bond yields retreated on Fed rate pause hopes. The rupee ended up 4 paise at 83.24 against the dollar.
Asian markets traded mostly higher this morning while the dollar dipped broadly on dovish Fed comments and ahead of the Fed minutes from the late September policy meeting and data on U.S. inflation.
Gold was marginally higher while oil prices were little changed on easing concerns about potential supply disruptions from the battle between Israel and Hamas.
U.S. stocks closed higher for a third day on Tuesday as bond yields tumbled on dovish Fed comments and oil prices eased after rallying in the previous session.
The Dow edged up 0.4 percent, the S&P 500 gained half a percent and the tech-heavy Nasdaq Composite advanced 0.6 percent.
European stocks closed Tuesday's session on a buoyant note following dovish comments from Fed officials and reports that China is mulling new stimulus to bolster growth. The pan European STOXX 600 jumped 2 percent. The German DAX and France's CAC 40 both surged around 2 percent while the U.K.'s FTSE 100 added 1.8 percent.
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