Sensex, Nifty Seen Up At Open On Wall Street Cues
(RTTNews) - Indian shares are likely to open higher on Wednesday, though volatility cannot be ruled out ahead of the Union Budget presentation, the Fed meeting outcome and the release of quarterly reports from the major tech players in the United States.
Adani Group stocks would be in focus once again after the Adani Enterprises FPO got fully subscribed on the final day of bidding Tuesday, aided by a last-minute surge in demand. A large portion of the offering was taken up by institutions and existing shareholders.
Benchmark indexes Sensex and Nifty recovered from an early slide to end marginally higher on Tuesday, while the rupee fell by 41 paise to close at 81.93 against the dollar amid significant foreign fund outflows.
Asian markets traded mostly higher this morning, gold held steady, and the dollar traded flat against major currencies, while oil steadied near three-week lows on signs of higher U.S. demand.
U.S. stocks rose overnight and Treasury yields fell as data showed a slowdown in the pace of growth in labor costs and a decline in consumer confidence, bolstering expectations of the Fed slowing its interest-rate increases. The Dow climbed 1.1 percent, the S&P 500 jumped 1.5 percent and the tech-heavy Nasdaq Composite added 1.7 percent.
European stocks fell on Tuesday despite solid Eurozone GDP data for the fourth quarter and better-than-expected earnings from the likes of UniCredit and UBS.
The pan European STOXX 600 eased 0.3 percent. The U.K.'s FTSE 100 slipped 0.2 percent while the German DAX and France's CAC 40 index both edged up marginally.
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