Indian shares look set to open flat to slightly higher on Tuesday as investors react to mostly positive global cues and mixed earnings results from top companies including Maruti Suzuki India, Power Grid Corp, GAIL, Adani Energy and UPL.
There is some cheer on the data front, with core sector output growth hitting a five-month high in June due to a high base effect and positive growth in seven of the eight sectors.
Benchmark indexes Sensex and Nifty recovered from early losses to end up around 0.6 percent each on Monday while the rupee closed almost flat at 82.2450 against the dollar.
Asian stocks traded mostly higher this morning after China’s top economic planning agency outlined details to stimulate consumer spending and reports suggested that Beijing and Shenzhen may ease curbs on the property sector.
There was also optimism that most global central banks may be either close to a peak or already done with interest-rate hiking.
Meanwhile, investors shrugged off the results of a private survey showing that the manufacturing sector in China fell into contraction territory in July.
Gold edged lower on dollar strength while oil prices were marginally lower after posting their biggest monthly gain in more than a year on expectations that Saudi Arabia would extend voluntary output cuts into September.
U.S. stocks ended a lackluster session slightly higher overnight as data showed Chicago-area business activity contracted at a slightly slower rate in July.
The Dow gained 0.3 percent, while the tech-heavy Nasdaq Composite and the S&P 500 both rose around 0.2 percent.
European stocks closed mostly higher on Monday amid China stimulus optimism and encouraging Eurozone GDP and inflation data.
The pan European STOXX 600 edged up 0.1 percent. The German DAX slipped 0.1 percent, while France’s CAC 40 rose 0.3 percent and the U.K.’s FTSE 100 finished marginally higher.
Sensex, Nifty Seen Flat To Higher At Open
2023-08-01 02:24:48
