Indian shares look set to open slightly higher on Wednesday, mirroring firm global cues as Ukraine tensions ebbed and crude prices extended a retreat from the previous session.
Benchmark indexes Sensex and the Nifty jumped more than 3 percent each on Tuesday while the rupee surged 29 paise to close at 75.31 against the dollar.
Asian markets were higher after data showed China’s factory-gate inflation cooled to its slowest pace in six months in January, helping ease fears around inflation and monetary policy tightening.
The euro held gains and gold slipped further from eight-month highs while the yield on benchmark 10-year Treasury notes climbed.
U.S. stocks rose sharply overnight and energy prices slumped amid signs of a de-escalation in Russia-Ukraine tensions and comments from various Fed officials.
Treasury yields climbed after data showed U.S. producer prices jumped more than expected at the start of the year.
The Dow rose 1.2 percent and the S&P 500 added 1.6 percent while the tech-heavy Nasdaq Composite jumped as much as 2.5 percent.
European stocks also gained ground on Tuesday on hopes that Ukraine and Russia will avoid a full-blown conflict.
The pan European Stoxx 600 gained 1.4 percent. The German DAX rallied 2 percent, France’s CAC 40 index climbed 1.9 percent and the U.K.’s FTSE 100 added 1 percent.
Market Analysis
Sensex, Nifty Seen Higher At Open
2022-02-16 03:00:21
