Indian shares may open higher on Wednesday as investors react to reassuring comments from Federal Reserve officials on the rate outlook. The dollar and Treasury yields held declines amid bets the Fed is going to be relatively slow in tapering its asset purchase program.
Meanwhile, the Delta Plus variant of the coronavirus has been declared by India as a major concern after over two dozen cases have been detected in Maharashtra, Madhya Pradesh and Kerala.
Benchmark indexes Sensex and the Nifty gave up early gains to end on a flat note Tuesday, while the rupee ended down 27 paise at 74.37 against the dollar, extending losses for a second straight session.
Asian markets were mostly higher this morning while oil held around $73 a barrel after industry data pointed to another decline in U.S. crude stockpiles. Bitcoin recovered some ground after having dipped under $30,000 for the first time this year.
U.S. stocks rose overnight after Fed Chair Jerome Powell reiterated that inflation pressures will be temporary and stressed that the Fed will do everything to support the economy for as long as it takes to complete the recovery.
The tech-heavy Nasdaq Composite climbed 0.8 percent to reach a new record closing high, while the S&P 500 rose half a percent and the Dow edged up 0.2 percent.
European stocks ended in positive territory on Tuesday as mining and energy companies benefited from stable commodity prices.
The pan European Stoxx 600 gained 0.3 percent. The German DAX inched up 0.2 percent, France’s CAC 40 index gained 0.1 percent and the U.K.’s FTSE 100 added 0.4 percent.
Sensex, Nifty Poised For Positive Start
2021-06-23 02:48:13
