Indian Shares Set For Firm Start

(RTTNews) - Indian shares look set to open in the green Tuesday amid lack of cues from U.S. peers. That said, a cautious undertone may prevail after oil prices jumped about 3 percent overnight spurred by an OPEC+ decision to cut output by 100,000 barrels per day.

RBI Governor Shaktikanta Das said at an event in Mumbai on Monday that the central bank has been intervening in the currency market almost every day to curb volatility and that inflation will likely moderate in the second half of the financial year ending in March 2023.

Benchmark indexes Sensex and the Nifty ended Monday's session notably higher despite weak global cues. The rupee rose by 8 paise to close at 79.79 against the dollar.

Asian markets traded mixed this morning after China pledged to make renewed efforts to shore up a flagging economy. The gains, if any, were limited ahead of RBA and ECB meetings due this week.

The dollar index fell slightly after reaching a 20-year high in the previous session and oil prices eased, while gold inched higher on dollar weakness.

The U.S. markets were closed Monday on account of Labour Day holiday.

European stocks tumbled on Monday and the euro fell sharply, as weak regional data and surging gas prices following Russia's decision to extend a halt on gas flows through the Nord Stream 1 gas pipeline raised prospects for a recession.

The pan European Stoxx 600 ended 0.6 percent lower, recouping some of its earlier losses.

The German DAX fell 2.2 percent and France's CAC 40 index shed 1.2 percent while the U.K.'s FTSE 100 edged up 0.1 percent as Liz Truss won the race to become the next prime minister of Britain.