Sensex, Nifty Set To Follow Global Peers Lower

Indian shares are seen opening lower on Friday as global growth worries mounted and TCS’ earnings missed the consensus estimate on all counts.

The country’s largest IT services provider reported a 2.6 percent sequential decline in quarterly consolidated profit, due to lower other income.

Benchmark indexes Sensex and the Nifty fell about 1 percent on Thursday, weighed down by concerns over inflation and high oil prices. The rupee fell 9 paise to settle at 74.71 against the greenback.

Asian markets fell this morning to hover near two-month lows on concerns over rising uncertainties surrounding the pace of the U.S. economic recovery.

Gold was set for a third straight weekly gain as yields and the dollar weakened.

10-year U.S. Treasury yields reached levels not seen since February, while the dollar fell from a three-month peak against its rivals. Oil prices traded mixed after hefty overnight gains.

U.S. stocks ended firmly in negative territory overnight and Treasury yields sank for a fourth day, as worries about the rapid spread of Delta variant of the coronavirus and disappointing jobless claims data added to concerns about the economic outlook.

The Dow shed 0.8 percent, the tech-heavy Nasdaq Composite fell 0.7 percent and the S&P 500 gave up 0.9 percent.

European stocks ended deep in the red on Thursday on concerns about China’s recovery and the country’s historic tech crackdown. The European Central Bank raised its inflation goal, signaling a longer period of easy money.

The pan European Stoxx 600 plunged 1.7 percent. France’s CAC 40 index tumbled 2 percent, while the German DAX and the U.K.’s FTSE 100 both lost 1.7 percent.