Indian shares may open flat to slightly lower on Tuesday, mirroring weak cues from global markets as traders await Federal Reserve Chair Jerome Powell’s congressional testimony and key jobs data for further clues on the U.S. central bank’s rate trajectory.
Powell testifies Tuesday and Wednesday before House and Senate committees, while the ECB rate decision is due on Thursday.
Benchmark indexes Sensex and Nifty ended a choppy session marginally higher on Monday. The rupee gained 2 paise to settle at 82.89 against the dollar.
Asian markets were broadly lower after China set this year’s GDP growth target at 5 percent.
Fed rate cut prospects and weak U.S. economic data lifted gold to a three-month high while oil extended overnight losses amid concerns about the outlook for energy demand.
U.S. stocks backed off from record highs overnight while Treasury yields ticked higher on uncertainty over the path of interest rates.
The Dow eased 0.3 percent, the S&P 500 slipped 0.1 percent and the tech-heavy Nasdaq Composite gave up 0.4 percent.
European stocks ended broadly lower on Monday as investors awaited cues from China’s annual parliamentary meetings, Fed Chair Jerome Powell’s congressional testimony and the ECB policy meeting.
The pan European STOXX 600 ended little changed with a negative bias. The German DAX slipped 0.1 percent and the U.K.’s FTSE 100 shed 0.6 percent while France’s CAC 40 edged up 0.3 percent.
Market Analysis
Sensex, Nifty Likely To Open On Cautious Note
2024-03-05 02:27:07
