Indian shares are seen opening little changed on Wednesday after oil prices ended sharply lower for the second day running, helping ease worries around inflation.
Oil prices fell nearly 10 percent over two days amid uncertainty over Russian energy embargo by EU and worries about prolonged COVID lockdowns in Shanghai.
India’s retail inflation may have surged to an 18-month high in April on the back of higher fuel and food prices, analysts say ahead of the data due to be released on Thursday.
Benchmark indexes Sensex and the Nifty ended a choppy session slightly lower on Tuesday while the rupee rebounded 12 paise to close at 77.32 against the greenback.
Asian markets traded mixed this morning, with traders avoiding big bets ahead of U.S. consumer inflation data due out later in the day. The dollar hovered near a two-decade high while gold hit a three-month low.
U.S. stocks fluctuated before closing mixed overnight as Fed officials backed half-point hikes at the June and July meetings, adding the board would not rule out 75-bps hike.
The tech-heavy Nasdaq Composite climbed 1 percent and the S&P 500 edged up 0.3 percent amid bottom-fishing, while the Dow eased 0.3 percent.
European stocks rebounded on Tuesday as investors sought bargains at lower levels after four days of steep losses.
The pan-European STOXX 600 index advanced 0.7 percent after hitting a two-month low in the previous session.
The German DAX rallied 1.2 percent, France’s CAC 40 index rose half a percent and the U.K.’s FTSE 100 gained 0.4 percent.
Market Analysis
Sensex, Nifty Seen Flat At Open
2022-05-11 02:31:15
