Sensex, Nifty Poised For Weak Start
(RTTNews) - Indian shares look set to open on a tepid note Tuesday, as investors react to mixed global cues and disappointing earnings from Tata Consultancy Services (TCS), the country's largest IT services company.
TCS missed profit estimates for the December quarter and flagged challenges in Europe where it draws a bulk of its revenue.
Benchmark indexes Sensex and Nifty jumped around 1.4 percent each on Monday and the rupee gained 31 paise to close at 82.35 against the dollar, as weak service sector and wage growth data from the U.S. stoked hopes of smaller Fed rate hikes in coming months.
Asian markets traded mixed this morning, gold edged up slightly and the U.S. dollar languished near a seven-month low against other major currencies while oil prices slipped after three consecutive sessions of gains.
U.S. stocks gave up early gains to end mixed overnight as presidents of the U.S central bank's San Francisco and Atlanta branches said the Fed will have to keep raising rates to somewhere above 5 percent in order to slow down inflation.
The Dow slipped 0.3 percent and the S&P 500 finished marginally lower while the tech-heavy Nasdaq Composite rose 0.6 percent as Treasury yields fell across the board.
European shares hit their highest level since May 2022 on Monday, with sentiment boosted by optimism surrounding China's reopening and positive readings on German industrial output and Eurozone investor confidence.
The pan-European STOXX 600 gained 0.9 percent. The German DAX rallied 1.3 percent, France's CAC 40 index added 0.7 percent and the U.K.'s FTSE 100 rose 0.3 percent.
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