Sensex, Nifty Seen Opening Slightly Up; RBI Decision Eyed

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(RTTNews) - Indian shares may open flat to slightly higher on Thursday after the S&P 500 set a new record high overnight on bets that a U.S. resilient economy will continue fueling corporate profits.

The Reserve Bank of India (RBI) concludes a three-day meeting of the Monetary Policy Committee today, with analysts expecting no change in rates due to inflation nearing the upper tolerance level of 6 percent.

Benchmark indexes Sensex and Nifty fluctuated before finishing little changed on Wednesday. The rupee gained 9 paise to close at 82.96 against the dollar.

Asian markets traded mixed this morning before the Chinese New Year holidays.

China has replaced the head of its securities regulator in an apparent move to restore investor confidence and stabilize the stock market.

Data showed earlier today that Chinese consumer price inflation grew less than expected in January and producer prices continued to fall, adding to deflation worries.

Geopolitical tensions remained in focus, with Israeli Prime Minister Benjamin Netanyahu vowing to continue the fight against Hamas, now in its fifth month, until achieving "absolute victory".

The dollar traded in a tight range in Asian trade and Treasuries were steady as more Fed officials indicated they don't see an urgent case for lowering interest rates. Oil steadied after a three-day advance.

U.S. stocks rose overnight as strong corporate earnings outweighed investor anxiety over when the Federal Reserve could cut interest rates.

The Dow edged up 0.4 percent and the S&P 500 added 0.8 percent to set new record closing highs, with the tech-heavy Nasdaq Composite climbed 1 percent.

European stocks closed on a sluggish note Wednesday as traders weighed earnings, M&A news and hawkish comments from Fed officials.

The pan European STOXX 600 dipped 0.2 percent. The German DAX and the U.K.'s FTSE 100 both fell around 0.7 percent while France's CAC 40 shed 0.4 percent.

U.S. Business Inventories Rise In Line With Estimates In June

A report released by the Commerce Department on Friday showed business inventories in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said business inventories rose by 0.2 percent in June after coming in unchanged in May. The uptick matched expectations.

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U.S. Consumer Sentiment Unexpectedly Deteriorates In August

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. Economists had expected the index to inch up to 62.0.

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U.S. Industrial Production Pulls Back Slightly In July

A report released by the Federal Reserve on Friday showed a modest decrease by U.S. industrial production in the month of July. The Fed said industrial production edged down by 0.1 percent in July after climbing by an upwardly revised 0.4 percent in June. Economists had expected industrial production to come in unchanged.

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New York Manufacturing Index Unexpectedly Climbs To Nine-Month High In August

The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August. The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.

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U.S. Consumer Sentiment Index Unexpectedly Decreases In August

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday.

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U.S. Import Price Growth Exceeds Estimates In July

The Labor Department released a report on Friday showing import prices in the U.S. increased by more than expected in the month of July. The report said import prices climbed by 0.4 percent in July after a downwardly revised 0.1 percent dip in June. Economists had expected import prices to inch up by 0.1 percent, matching the 0.1 percent uptick originally reported for the previous month.

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U.S. Retail Sales Climb 0.5% In July, In Line With Estimates

A report released by the Commerce Department on Friday showed retail sales in the U.S. increased in line with economist estimates in the month of July. The Commerce Department said retail sales climbed by 0.5 percent in July after jumping by an upwardly revised 0.9 percent in June.

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U.S. Industrial Production Edges Slightly Lower In July

A report released by the Federal Reserve on Friday showed a modest decrease by U.S. industrial production in the month of July.

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EURUSD	1.17035	GBPUSD	1.35581	AUDUSD	0.6511
USDJPY	147.154	USDCAD	1.38119	USDCHF	0.80632