Indian shares look set to open a tad higher on Thursday after two days of loses.
A virtuous cycle, supported by strong capex and productivity, is taking off in India, a Morgan Stanley research report said on Wednesday.
Separately, a report by rating agency ICRA sees banks’ profitability improving as a result of a fall in non-performing assets.
Benchmark indexes Sensex and the Nifty fell 0.7 percent and 0.8 percent, respectively on Wednesday to extend losses for the second straight session, while the rupee rallied 47 paise to close at nearly two-week high of 74.88 against the greenback amid softening international oil prices.
Asian stocks traded mixed this morning amid lingering concerns around inflation and the fallout in China’s property sector, with developer Modern Land joining China Evergrande Group and other peers in a financial mess.
Gold nudged higher on a weaker dollar, while oil extended gains from the previous session after U.S. crude inventories at the nation’s largest storage site hit their lowest level in three years and nationwide fuel stocks fell sharply.
U.S. stocks ended broadly higher overnight as traders reacted positively to another batch of largely upbeat corporate earnings news and shrugged off the Fed’s Beige Book report showing that labor and supply shortages are cramping the U.S. economy.
The Dow and the S&P 500 both rose about 0.4 percent while the tech-heavy Nasdaq Composite index ended marginally lower.
European markets hit six-week highs on Wednesday as the third-quarter earnings season unfolds.
The pan European Stoxx 600 advanced 0.3 percent. The German DAX and the U.K.’s FTSE 100 both inched up marginally while France’s CAC 40 index gained half a percent.
Market Analysis
Sensex, Nifty Seen Flat To Higher At Open
2021-10-21 02:51:39
