Indian shares look set to open higher Tuesday on the back of positive global cues and optimism over economic growth amid the easing of COVID-19 related restrictions by the states.
The unlocking in the country has manifested itself in improving performance across various high frequency industrial and service sector indicators, mobility and toll collections in July 2021, according to a report by ICRA Ratings.
Benchmark indexes Sensex and the Nifty eked out modest gains on Monday while the rupee surged 17 paise to close at 74.22 against the dollar.
Asian markets rose this morning after China’s central bank called for more credit support to the real economy, especially small, medium and micro enterprises.
Treasuries were little changed and the dollar held a drop ahead of the Jackson Hole symposium, while oil steadied after climbing the most in nine months overnight.
Gold traded above the key $1,800 psychological level, boosted by the weaker dollar while Bitcoin hovered near $49,000.
U.S. stocks ended on a firm note overnight as commodity prices recovered and regulators granted full approval for the Pfizer-BioNTech coronavirus vaccine.
Economic data proved to be a mixed bag, with July home sales beating forecasts while growth at U.S. services and factories slowed to an eight-month low.
The Dow rose 0.6 percent, the S&P 500 climbed 0.9 percent and the-heavy Nasdaq Composite rallied 1.6 percent.
European stocks recovered from their biggest weekly loss in nearly six months on Monday after the release of strong Eurozone economic data.
The pan European Stoxx 600 advanced 0.7 percent. The German DAX and the U.K.’s FTSE 100 both edged up around 0.3 percent, while France’s CAC 40 index gained 0.9 percent.
Market Analysis
Sensex, Nifty Seen Higher On Firm Global Cues
2021-08-24 02:58:20
