Indian shares may open on a firm note Friday after new U.S. data helped further ease concerns about the outlook for interest rates.
Robust buying by FIIs may also offer some support, though volatility is not ruled out due to weaker-than-expected earnings from Wipro and rising oil prices.
Benchmark indexes Sensex and Nifty gave up some early gains to end up around 0.2 percent each on Thursday while the rupee ended 10 paise higher at 82.08 against the dollar, extending gains for a fourth straight session.
Asian markets traded mostly higher this morning and gold scaled a one-month peak, while the dollar hovered at 15-month lows.
Oil prices held near three-month high as concerns eased about higher interest rates impacting economic growth.
U.S. stocks closed higher overnight to build on Wednesday’s sharp gains while the dollar and Treasury yields extended their slide after producer inflation data showed the smallest annual increase in prices in nearly three years, adding to bets the Fed could soon end its monetary tightening campaign.
Meanwhile, weekly jobless claims unexpectedly fell, suggesting a tight labor market.
The tech-heavy Nasdaq Composite and the S&P 500 jumped 1.6 percent and 0.9 percent, respectively to reach their best closing levels in over a year while the Dow inched up 0.1 percent.
European stocks extended gains to a fifth day on Thursday, with sentiment aided by China stimulus hopes, better-than-expected U.K. GDP data and remarks from ECB’s Visco that the central bank is “not very far” from a peak in interest rates.
The pan European STOXX 600 advanced 0.6 percent. The German DAX rose 0.7 percent, France’s CAC 40 added half a percent and the U.K.’s FTSE 100 edged up 0.3 percent.
Market Analysis
Sensex, Nifty Poised For Flat Start Despite Firm Global Cues
2023-07-14 02:32:18
