Indian shares are seen opening higher on Thursday as a pullback by commodities helped ease worries about inflation. The results of assembly elections may sway sentiment as the session progresses.
Benchmark indexes Sensex and the Nifty jumped over 2 percent each on Wednesday as investors took a breather from a sell-off fueled by escalating tensions in Ukraine.
The rupee rose by 44 paise to close at 76.56 (provisional) against the greenback on the back of a plunge in crude oil prices and the rebound in domestic equities.
Asian markets advanced this morning while crude oil prices regained some footing after plummeting $15 to $108.70 a barrel in the U.S. session as United Arab Emirates pledged to support hiking oil output.
The dollar index dropped and gold held below $2,000 per ounce as investors await U.S. inflation data for fresh clues about the pace of the Federal Reserve’s monetary policy tightening.
U.S. stocks surged the most since June 2020 overnight, oil slid below $110 a barrel and the 10-year Treasury yield climbed back above 1.9 percent, after Ukrainian President Volodymyr Zelenskiy said the country is ready to hold a dialogue with Russia on security guarantees and the future of Donetsk, Lugansk and Crimea.
The Dow rallied 2 percent, the S&P 500 added 2.6 percent and the tech-heavy Nasdaq Composite surged as much as 3.6 percent.
European stocks notched their biggest rally since the pandemic bottom in March 2020 on Wednesday amid potential for compromise between Ukraine and Russia.
The pan-European Stoxx 600 index surged 4.7 percent. The German DAX soared 7.9 percent, France’s CAC 40 index jumped 7.1 percent and the U.K.’s FTSE 100 advanced 3.3 percent.
Sensex, Nifty Seen Up Amid Global Rally
2022-03-10 03:00:29
