Indian shares may open a tad higher on Friday after steep losses in the previous session. Earnings news may offer some support after ITC reported higher quarterly profit and revenue.
Benchmark indexes Sensex and the Nifty tumbled around 1.3 percent and 1.2 percent, respectively on Thursday to snap a three-day strong budget rally while the rupee slipped 5 paise to close at 74.88 against the dollar.
Asian markets traded mixed this morning as investors react to strong earnings from the likes of Amazon, Snap Inc. and Pinterest.
U.S. stocks tumbled overnight to snap a four-day winning streak, as a historic plunge in the stock price of Facebook’s parent company triggered the worst sell-off in technology shares since 2020.
Investors also digested weak service sector and factory activity data as well as a report showing a decline in jobless claims for a second straight week.
The tech-heavy Nasdaq Composite slumped as much as 3.7 percent, while the Dow lost 1.5 percent and the S&P 500 gave up 2.4 percent.
European stocks also fell on Thursday as investors reacted to the disappointing Facebook outlook, a 25 bps rate rise by the Bank of England and a significant hawkish shift by the European Central Bank.
After having kept interest rates and forward guidance unchanged despite record inflation, President Lagarde adopted a dramatically more hawkish tone in the press conference than on any previous occasion.
The pan European Stoxx 600 plunged 1.8 percent. The German DAX fell 1.6 percent, France’s CAC 40 index lost 1.5 percent and the U.K.’s FTSE 100 shed 0.7 percent.
Market Analysis
Sensex, Nifty Seen Higher At Open
2022-02-04 03:13:54
