Sensex, Nifty Seen Higher At Open

Indian shares look set to open higher on Wednesday, extending recent gains as a BJP victory looks likely in 2024 election.

According to S&P Global Ratings, India is projected to become the world’s third largest economy by 2030.

The rating agency expects India’s GDP growth rate to remain at 6.4 percent in the next fiscal year (2024-25) before rising to 6.9 percent and eventually reaching 7 percent in 2026-27.

Benchmark indexes Sensex and Nifty hit new record intraday highs on Tuesday before closing higher by 0.6 percent and 0.8 percent, respectively. The rupee settled 1 paise higher at 83.37 against the dollar.

Asian markets were mostly higher this morning after a broad sell-off on Tuesday.

The dollar held steady near a two-week high against a basket of currencies while oil traded near five-month lows on doubts about the impact of OPEC+ cuts and concerns over a worsening demand outlook in China and the United States.

U.S. stocks ended mixed overnight as soft job openings data for October hinted at a cooling labor market and a gauge of services sector activity picked up in November.
The tech-heavy Nasdaq Composite edged up 0.3 percent while the S&P 500 finished marginally lower and the Dow eased 0.2 percent.

European stocks closed mostly higher on Tuesday after dovish comments from an ECB official.

The pan European STOXX 600 rose 0.4 percent. The German DAX climbed 0.8 percent and France’s CAC 40 added 0.7 percent while the U.K.’s FTSE 100 declined 0.3 percent.