Indian shares are likely to open a tad higher on Friday after two days of losses. Inflation worries may ease somewhat as oil prices fell from multi-year highs on demand worries after new coronavirus cases jumped in Britain. The prospect of extra supply coming to the market soon from Iran also weighed on oil prices.
Investors will keep an eye on rupee movement after it lost 128 paise in the past eight trading sessions amid risk aversion in the global markets.
Benchmark indexes Sensex and the Nifty fell modestly on Thursday to extend losses for the second day running, while the rupee ended down 75 paise at 74.08 against the greenback, recording its sharpest fall in over two months on fears of a U.S. rate hike taking place earlier than expected.
Asian markets were mostly higher this morning and the dollar headed for its best week in nearly nine months, while oil extended overnight losses. Gold was on track for its worst week since March 2020.
U.S. stocks ended mixed overnight as investors weighed Fed guidance on interest rates and inflation. Investors also reacted to disappointing readings on weekly jobless claims and Philadelphia-area manufacturing activity.
The S&P 500 slid marginally and the Dow gave up 0.6 percent to extend losses for the fourth day and hit a one-month low, while the tech-heavy Nasdaq Composite climbed 0.9 percent to close near a record high.
European stocks snapped their longest record-setting streak since 1999 on Thursday after the Federal Reserve signaled earlier-than-expected interest rate increases.
The pan European Stoxx 600 eased 0.1 percent. The U.K.’s FTSE 100 dropped 0.4 percent while the German DAX edged up 0.1 percent and France’s CAC 40 index added 0.2 percent.
Sensex, Nifty Seen Opening Tad Higher As Oil Prices Fall
2021-06-18 02:50:31
