Indian shares are likely to open higher on Thursday as investors react to firm cues from other Asian markets and a sharp fall in crude prices overnight as Libya supply concerns eased and China demand worries persisted.
Overall gains, however, may remain capped as Israel prepares for a possible ground maneuver in Lebanon.
Technology stocks could be in focus after U.S. memory chipmaker Micron reported earnings that surprised to the upside.
Benchmark indexes Sensex and Nifty rose around 0.3 percent each on Wednesday while the rupee gained 3 paise to close at 83.60 against the dollar.
Asian markets traded higher this morning ahead of the U.S. GDP print, a speech by Fed Chair Jerome Powell and price data, due later this week.
The dollar held firm following its sharpest rally since early June. Gold was little changed near record highs while oil prices were little changed, after having fallen over 2 percent on Wednesday.
U.S. stocks closed lower overnight as investors pondered over the health of the U.S. economy and chances of another super-sized interest rate cut at the Fed’s next meeting in November.
Housing data painted a mixed picture of the economy, with new home sales pulling back sharply in August while mortgage applications jumped to the highest level since 2022.
The Dow dropped 0.7 percent to snap a four-session winning streak. and the S&P 500 slid 0.2 percent while the tech-heavy Nasdaq Composite finished marginally higher.
European stocks snapped a two-day winning streak on Wednesday as energy stocks tracked oil prices lower, and Sweden’s central bank signaled more easing after cutting its key interest rate for the third time this year.
The pan-European STOXX 600 edged down 0.1 percent. The German DAX dipped 0.4 percent, France’s CAC 40 shed half a percent and the U.K.’s FTSE 100 eased 0.2 percent.
Sensex, Nifty Set To Follow Asian Peers Higher
2024-09-26 02:27:11
