Sensex, Nifty Likely To See Cautious Gains At Open

(RTTNews) - Indian shares may see cautious gains at open on Thursday despite strong gains on Wall Street overnight. Investors await the outcome of the RBI policy meeting on Friday, with economists factoring in a 35-50 bps rate hike to rein in inflation.

On Wednesday, fag-end buying helped benchmark indexes Sensex and the Nifty end higher for the sixth day running.

Asian markets were broadly higher this morning as geopolitical tensions eased.

Gold edged higher, aided by a pullback in the dollar and U.S. Treasury yields ahead of U.S. unemployment data due on Friday that will guide the path of interest rates.

Oil prices held steady after plunging 3-4 percent to hit an almost six-month low overnight as data showed an unexpected surge in stockpiles and the oil producers group known as OPEC+ approved a small increase in production.

U.S. stocks snapped a two-day losing streak on Wednesday and Treasury yields hit two-week highs, as investors cheered encouraging economic data and solid earnings reports from big companies including Starbucks.

June data on durable goods orders and manufacturing topped forecasts and activity in the services sector unexpectedly strengthened to a three-month high in July, helping ease concerns about a recession.

The S&P 500 surged 1.6 percent to an almost two-month high, while the Dow gained 1.3 percent and the tech-heavy Nasdaq Composite soared 2.6 percent.

European stocks also closed with fairly solid gains on Wednesday. The pan European Stoxx 600 rose half a percent.

The German DAX and France's CAC 40 index both jumped around 1 percent while the U.K.'s FTSE 100 added half a percent.