Sensex, Nifty Likely To Follow Asian Peers Lower

Indian shares are likely to open a tad lower on Wednesday amid mixed cues from global markets.

Range-bound trading activity may be witnessed as investors get into festive mood and look forward to next week’s U.S. presidential election and Federal Reserve rate decision.

Stock-specific action is likely, with Adani Group stocks in focus after Adani Enterprises posted a nearly eight-fold rise in net profit in the September quarter.

Benchmark indexes Sensex and Nifty recovered from an early slide to end higher by about half a percent on Tuesday, extending gains for a second straight session.

Asian markets were mostly lower this morning after mixed results from U.S. technology companies.

Google parent Alphabet’s earnings beat estimates as the company saw strong quarterly revenue growth from its cloud business.

On the other hand, chipmaker AMD’s fourth-quarter revenue guidance failed to impress investors.

Meta Platforms and Microsoft are set to report their earnings later today, while Apple and Amazon are due to publish their results on Thursday.

Japan’s Nikkei traded up more than 1 percent to extend gains despite political uncertainty.

Treasury yields edged lower while gold climbed to a new record high due to U.S. election jitters and persisting Middle East tensions.

The dollar index was little changed after reaching the highest since July 30. Oil prices steadied after two previous sessions of losses.

U.S. stocks ended mixed overnight ahead of earnings from big technology companies.

Economic reports painted a mixed picture, with job openings dropping to more than a 3-1/2-year low in September, while a measure of consumer confidence rose to a nine-month high.

The S&P 500 gained 0.2 percent, and the tech-heavy Nasdaq Composite climbed 0.8 percent to reach a new record closing high, while the Dow dipped 0.4 percent to close lower for the sixth time in the past seven sessions.

European stocks closed lower on Tuesday as earnings from heavyweights BP Plc and Novartis AG disappointed.

The pan European STOXX 600 declined 0.6 percent. The German DAX slid 0.3 percent, France’s CAC 40 shed 0.6 percent and the U.K.’s FTSE 100 gave up 0.8 percent.

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