Sensex, Nifty Seen Tad Higher After Tuesday's Selloff
(RTTNews) - Indian shares may open a tad higher on Wednesday after a sharp sell-off in the previous session, reflecting the impact of persistent stock sales by overseas funds amid hardening bond yields in the U.S. and heightened geopolitical tensions in the Middle East.
Investors are also trimming positions in the banking sector on concerns about HDFC Bank's profitability.
Benchmark indexes Sensex and Nifty slumped around 1.5 percent each on Tuesday despite positive cues from global markets. The rupee fell by 9 paise to close at 83.16 against the dollar.
Asian markets traded mixed this morning, gold dipped slightly, and the dollar held at a six-week high while oil extended declines from the previous session on uncertainty about the outlook for global oil demand.
U.S. stocks fluctuated before ending mixed overnight, the dollar index climbed to a six-week high and Treasury yields rose, as investors reacted to a slew of earnings from several big-name companies and waited for key growth and inflation data due later in the week for clues on when the Fed will cut interest rates.
The S&P 500 rose 0.3 percent to reach a new record closing high and the tech-heavy Nasdaq Composite added 0.4 percent while the Dow slipped 0.3 percent.
European stocks retreated on Tuesday as investors waited for cues from the upcoming ECB meeting.
The pan European STOXX 600 eased 0.3 percent. The German DAX and France's CAC 40 both dipped around 0.3 percent while the U.K.'s FTSE 100 finished marginally lower.
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