Positive cues from global markets may help Indian shares open on a positive note Tuesday. There is more encouraging news on the COVID-19 front, with the country recording less than 200,000 fresh virus for the first time in 40 days.
Benchmark indexes Sensex and the Nifty ended a choppy session up about 0.2 percent on Monday, while the rupee slipped 13 paise to close at 72.96 against the U.S. dollar.
Asian markets are trading mostly higher this morning after Fed officials Lael Brainard, Raphael Bostic and James Bullard said they expect transitory rather than lasting price pressure from the U.S. economic rebound.
Gold edged lower on improved risk appetite while the dollar held near a four-month low. Oil held steady around one-week highs after climbing over 3 percent overnight, as Iran said that gaps remain in negotiations aimed at reaching a deal to end U.S. sanctions on its crude.
Bitcoin climbed after selloffs over the weekend as Elon Musk signaled support for an apparent effort to improve its green credentials.
U.S. stocks climbed overnight, as a pullback in U.S. Treasury yields and the Biden administration’s decision to pare down its infrastructure plan helped ease inflation concerns for the time being.
The Dow rose half a percent, the S&P 500 gained 1 percent and the tech-heavy Nasdaq Composite rallied 1.4 percent.
European stocks held close to record highs on Monday, with technology stocks leading the charge on continued optimism about global economic recovery.
The pan European Stoxx 600 inched up 0.1 percent, with several markets in the region closed for holidays. France’s CAC 40 index edged up 0.4 percent and the U.K.’s FTSE 100 added half a percent.
Market Analysis
Sensex, Nifty Seen Up On Firm Global Cues
2021-05-25 02:56:09
