Indian shares may open on a flat note Thursday as investors await June industrial output figures and July consumer price inflation data for clues to economic recovery and monetary policy outlook.
Benchmark indexes Sensex and the Nifty trimmed losses in the final hour of trade to close Wednesday’s session on a flat note while the rupee settled 1 paisa lower at 74.44 against the greenback.
Asian markets traded mostly lower this morning despite easing concerns about any tightening of policy measures by the Federal Reserve.
China’s crackdown on private enterprise is again in focus as the banking and insurance watchdog stepped up scrutiny of insurance technology platforms.
Also, China’s new bank loans fell more than expected in July to their lowest in nine months, adding to concerns over an economic slowdown.
The dollar was little changed and ten-year Treasuries pared gains spurred by a strong auction, while oil held steady after two days of gains. Gold traded flat after having seen its biggest single-day percentage gain since May 6 on Wednesday.
U.S. stocks ended broadly higher overnight as new data indicated U.S. inflation growth may have peaked, helping ease tapering concerns. The consumer price index rose by 0.5 percent in July after climbing 0.9 percent in June.
The Dow rose 0.6 percent and the S&P 500 gained 0.3 percent to reach new record closing highs on the heels of the passage of a large infrastructure bill, while the tech-heavy Nasdaq Composite slipped 0.2 percent.
European stocks hit record highs on Wednesday to clock their longest winning streak in two months on the back of strong earnings updates and optimism about economic recovery.
The pan European Stoxx 600 advanced 0.4 percent. The German DAX edged up 0.4 percent, France’s CAC 40 index gained 0.6 percent and the U.K.’s FTSE 100 added 0.8 percent.
Market Analysis
Sensex, Nifty Set To Open Flat On Muted Asian Cues
2021-08-12 02:58:33
