Indian shares look set to open higher on Friday after Wipro posted its “best ever” quarterly earnings and data showed India’s exports grew 48.34 percent in June, tracking growth in shipments across various sectors.
Profit taking after three straight days of gains and weak global cues may trigger profit taking at higher levels as the session progresses.
Benchmark indexes Sensex and the Nifty rose about half a percent on Thursday to reach record closing highs while the rupee gained 5 paise to close at 74.54 against the greenback.
Asian markets fell broadly this morning amid ongoing concerns about the economic recovery and rising tensions between the U.S. and China, with the former expected to issue an advisory cautioning its companies about the risks of doing business in Hong Kong.
Treasuries and the dollar held advances while oil extended losses for a third day on concerns about a possible oversupply of oil. Gold traded flat but was on track to post its fourth weekly gain.
U.S. stocks ended mixed overnight as Fed Chair Jerome Powell reiterated expectations for inflation pressures to fade and data showed weekly jobless claims fell to a pandemic-era low.
U.S. industrial production rose in June but manufacturing output continued to be hindered by supply shortages, separate reports revealed.
The tech-heavy Nasdaq Composite fell 0.7 percent and the S&P 500 shed 0.3 percent, while the Dow edged up 0.2 percent after UnitedHealth reported better than expected second quarterly results.
European stocks fell sharply on Thursday as worries about inflation, signs of slowing growth in China and concerns about rising delta variant of the coronavirus cases dented sentiment.
The pan European Stoxx 600 gave up 1 percent. The German DAX and France’s CAC 40 index both fell around 1 percent while the U.K.’s FTSE 100 dropped 1.1 percent.
Market Analysis
Sensex, Nifty Seen Flat To Higher At Open
2021-07-16 03:08:38
