Trading in the Nifty futures suggest that Indian markets are likely to open little changed on Wednesday. With a decline in the number of COVID-19 cases, investors are pinning hopes for a gradual reopening of the economy.
India’s GDP may have contracted less than earlier estimated in FY21, the State Bank of India said in its Ecowrap report.
British brokerage Barclays said the second wave has started to recede and the overall situation is coming under control.
Benchmark indexes Sensex and the Nifty gave up early gains to end on a flat note Tuesday, while the rupee rose by 19 paise to end at near two-month high 72.77 against the U.S. dollar.
Asian markets held steady this morning and Treasuries maintained a rally after Vice Chair Richard Clarida said talking about tapering will depend on the flow of data.
Separately, San Francisco Federal Reserve Bank President Mary Daly emphasized that policy is in a very good place right now and the Fed will remain patient.
The dollar wallowed near its weakest since early January against major peers, while spot gold held steady, after having hit its highest since Jan.8 at $1,899.11 on Tuesday. Oil prices traded flat as investors weighed the impact from possible return of Iranian oil to the market.
U.S. stocks fluctuated before ending slightly lower overnight as disappointing consumer confidence and housing sales readings dented sentiment.
The Dow and the S&P 500 slipped around 0.2 percent while the tech-heavy Nasdaq Composite finished marginally lower.
European stocks ended mixed on Tuesday after reaching record highs earlier in the session. The pan European Stoxx 600 ended flat with a positive bias.
The German DAX edged up 0.2 percent to a new high, while France’s CAC 40 index and the U.K.’s FTSE 100 both shed around 0.3 percent.
Sensex, Nifty Seen Opening On Flat Note
2021-05-26 02:54:03
