Indian shares are seen opening lower on Tuesday as worries mounted over China’s property sector, the dollar reached its peak for the year and the U.S. bond market continued its four-week sell-off.
Cautiousness ahead of the monthly F&O expiry this week and the release of infrastructure output data for August due later in the week may also keep underlying sentiment cautious.
Benchmark indexes Sensex and Nifty ended a choppy session little changed on Monday, while the rupee ended 21 paise lower at 83.14 against the dollar.
Asian markets were down across the board this morning and the dollar held near 10-month highs against a basket of currencies while gold and oil prices were little changed.
U.S. stocks rebounded overnight as investors looked for bargains following last week’s sell-off on concerns that interest rates will remain higher for longer.
Meanwhile, investors shrugged off Moody’s warning that a U.S. government shutdown would have negative implications for the country’s top tier credit rating.
The tech-heavy Nasdaq Composite rose half a percent, while the S&P 500 gained 0.4 percent and the Dow edged up 0.1 percent.
European stocks hit over one-month lows on Monday amid concerns about China’s property sector and sharply higher bond yields across the developed world.
The pan European STOXX 600 declined 0.6 percent. The German DAX lost 1 percent, France’s CAC 40 gave up 0.9 percent and the U.K.’s FTSE 100 shed 0.8 percent.
Market Analysis
Sensex, Nifty Seen Lower On Weak Global Cues
2023-09-26 02:32:31
