Indian shares look set to extend their record-setting spree for a fifth straight session Wednesday, with positive cues from Asian markets and a dramatic drop in oil prices likely to support sentiment.
Oil prices dipped for the fifth consecutive session on fuel demand concerns amid surging COVID-19 cases worldwide.
Inflation in the country will stabilize during the rest of the current financial year, and the peak has been left behind in May-June, the Reserve Bank of India (RBI) said in the State of the Economy Report – a part of its July bulletin – released on Tuesday.
Benchmark indexes Sensex and the Nifty eked out modest gains on Tuesday to reach new record highs, while the rupee declined by 11 paise to close at 74.35 against the greenback.
Asian markets rose broadly this morning while Treasuries were steady ahead of the release of the latest Federal Reserve minutes later in the day.
Fed Chair Jerome Powell said at a town hall meeting on Tuesday that it remains to be seen how the U.S. economy will weather the recent COVID-19 surge. Gold steadied as the dollar held an advance.
U.S. stocks pulled back from record highs overnight as retail sales and homebuilder confidence figures disappointed and Home Depot reported weaker than expected same-store sales growth.
The Dow shed 0.8 percent and the S&P 500 gave up 0.7 percent to snap five-day winning streaks, while the tech-heavy Nasdaq Composite declined 0.9 percent.
European stocks ended mixed on Tuesday as authorities in Beijing ramped up their crackdown on some of the nation’s largest companies and the Taliban seized power in Afghanistan.
The pan European Stoxx 600 ended flat with a positive bias. The German DAX finished marginally lower and France’s CAC 40 index slipped 0.3 percent, while the U.K.’s FTSE 100 rose 0.4 percent after the headline unemployment rate for Q2 came in slightly lower than forecast.
Sensex, Nifty Seen Up On Firm Asian Cues
2021-08-18 02:57:30
