Sensex, Nifty Poised For Flat Open On Muted Asian Cues

(RTTNews) - Indian shares look set to open higher on Wednesday, tracking mixed global cues and on expectations that the Reserve Bank of India (RBI) may pause rate hikes in February amid uncertainty over the global economic outlook.

Oil marketing companies, explorers, airlines and paint manufacturers could be in focus after oil prices settled at over two-week high on Tuesday on expectations of a jump in Chinese fuel demand.

Benchmark indexes Sensex and Nifty jumped around 0.9 percent each on Tuesday despite mixed global cues and weakness in rupee, which fell by 12 paise to close at 81.70 against the dollar.

Asian markets traded mixed this morning and the dollar held steady as investors braced for Bank of Japan policy decision amid speculation that the world's third largest economy might shift away from decades of ultra-low interest rates.

Gold traded weak around $1,900 per ounce as long-dated Treasury yields edges higher for the third straight session. Oil prices slipped after recent string of gains.

U.S. stocks ended mixed overnight as investors reacted to underwhelming GDP data from China, contrasting fourth-quarter results from investment banks Goldman Sachs and Morgan Stanley, and data showing deteriorating manufacturing conditions in the U.S.

The Dow lost 1.1 percent and the S&P 500 eased 0.2 percent as traders returned to their desks after a long holiday weekend. The tech-heavy Nasdaq Composite inched up 0.1 percent.

European stocks gained for a fifth day running Tuesday, thank to brisk buying in the final hour of trade.

The pan European STOXX 600 rose 0.4 percent. The German DAX added 0.4 percent and France's CAC 40 index inched up half a percent while the U.K.'s FTSE 100 slid 0.1 percent.