Indian shares may open a tad higher on Wednesday after oil prices fell sharply overnight to hit over three-month lows on demand concerns, signs of higher supply and easing Middle East tensions.
The fall in crude prices may ease investor concerns about headline inflation amid recent concerns about the outlook for commodity prices.
Meanwhile, Israel said Tuesday that its ground forces were battling Hamas fighters deep inside Gaza’s largest city, signaling a major new stage in the month-old conflict.
Benchmark indexes Sensex and Nifty recouped early losses to finish marginally lower on Tuesday after three days of gains.
The rupee fell by 5 paise to close at 83.26 against the dollar due to sustained foreign fund outflows.
Asian markets were seeing modest losses this morning after hawkish comments from Fed officials and ahead of Chair Jerome Powell’s speech.
The dollar regained its footing and gold was little changed while oil extended losses after falling more than 4 percent on Tuesday to their lowest since late July.
U.S. stocks ended higher overnight as long-term Treasury yields fell after a solid auction of $48 billion in 3-year notes and ahead of auctions of the 10-year note and 30-year bond due later this week.
The tech-heavy Nasdaq Composite climbed 0.9 percent and the S&P 500 rose 0.3 percent to post their longest streak of gains in two years while the Dow edged up 0.2 percent to log a seventh straight day of gains.
European stocks fell on Tuesday as growth worries returned to the fore. The pan European STOXX 600 slid 0.2 percent.
The German DAX inched up 0.1 percent, while France’s CAC 40 slipped 0.4 percent and the U.K.’s FTSE 100 eased 0.1 percent.
Market Analysis
Sensex, Nifty Seen Higher At Open As Oil Prices Tumble
2023-11-08 02:27:53
