Indian shares may struggle to find footing on Wednesday as investors await directional cues from U.S. consumer and producer price inflation data, the release of FOMC meeting minutes and the ECB’s policy announcement.
Market participants also await Q4 earnings results from domestic IT firms and U.S. bank earnings for clues on the near-term market outlook.
Volatility cannot be ruled out ahead of a market holiday on Thursday, April 11, on account of Id-Ul-Fitr (Ramzan Id).
Benchmark indexes Sensex and Nifty gave up early gains to end marginally lower on Tuesday while the rupee settled flat at 83.31 against the dollar.
Asian markets were seeing cautious moves this morning as Treasuries steadied after rising Tuesday.
The dollar moved sideways as Fed Bank of Atlanta President Raphael Bostic reiterated his expectation for one rate cut this year, but leaved the door open to change his view, should the economic picture change.
Gold hovered below its record peak as investors monitored news headlines on Gaza ceasefire talks.
Oil prices were little changed after a two-day decline as industry data pointed to rising U.S. crude stockpiles.
U.S. stocks saw considerable volatility before closing mixed overnight as investors awaited fresh clues on the path of interest rates.
Rising metals prices and bond yields also sparked inflation worries ahead of key inflation readings and bank earnings.
The tech-heavy Nasdaq Composite rose 0.3 percent and the S&P 500 edged up 0.1 percent while the Dow finished marginally lower.
European stocks closed lower on Tuesday in the wake of heightened geopolitical tensions and hawkish comments from Federal Reserve officials.
The pan European STOXX 600 declined 0.6 percent. The German DAX lost 1.3 percent, France’s CAC 40 shed 0.9 percent and the U.K.’s FTSE 100 slipped 0.1 percent.
Market Analysis
Sensex, Nifty May Struggle For Direction At Open
2024-04-10 02:29:19
