Indian shares look set to open on a weak note Thursday as investors weigh strong exports data against inflation concerns amid the spike in crude oil rates.
India’s merchandise exports crossed $400 billion in this fiscal, 9 days ahead of schedule, official data showed.
Benchmark indexes Sensex and the Nifty gave up early gains to end down about half a percent on Wednesday while the rupee settled 14 paise lower at 76.32 against the dollar.
Asian markets retreated from three-month highs this morning and gold traded flat, hit by a stronger dollar and higher yields, while oil extended gains after climbing more than 5 percent on Wednesday amid concerns about disruptions in crude exports from Kazakhstan’s CPC terminal on Russia’s Black Sea coast.
U.S. President Joe Biden is scheduled to attend an emergency NATO summit today. He is also set to meet G-7 leaders and address EU leaders at a meeting of the European Council.
Overnight, U.S. stocks fell sharply as oil prices continued to soar, raising concerns over its impact on consumers and many businesses.
The Dow and the tech-heavy Nasdaq Composite lost around 1.3 percent each while the S&P 500 gave up 1.2 percent.
European stocks also ended in the red on Wednesday as Western leaders gathered in Brussels to beef up their response to Russia’s invasion of Ukraine.
The pan European Stoxx 600 declined 1 percent. The German DAX dropped 1.3 percent, France’s CAC 40 index shed 1.2 percent and the U.K.’s FTSE 100 slipped 0.2 percent.
Market Analysis
Sensex, Nifty Seen Opening Lower On Weak Global Cues
2022-03-24 03:03:26
