Indian Shares Seen Opening Tad Higher

Indian shares are seen opening a tad higher on Wednesday after Tata Steel and Adani Ports delivered encouraging quarterly results.

Tata Steel swung back into black in the December quarter posting a consolidated profit of Rs 4,010.94 crore on the back of increased income.

Adani Ports and Special Economic Zone Limited reported 16 percent rise in its Q3 consolidated net profit, as acquisition of the Krishnapatnam port in October last year boosted volumes of the country’s largest port operator.

Benchmark indexes Sensex and the Nifty reversed early gains to finish marginally lower on Tuesday while the rupee gained 10 paise to settle at 72.87 against the U.S. dollar.

Asian markets remain mostly higher this morning, though the upside was capped by valuation concerns and amid caution ahead of Lunar New Year public holidays.

China’s consumer price inflation unexpectedly fell an annual 0.3 percent in January, while the country’s factory gate prices rose for the first time in 12 months and at the fastest rate since May 2019, separate reports showed earlier today.

Gold prices edged up as the U.S. dollar hovered around a one-week low on expectations of a massive stimulus package.

Oil eased after seven straight days of gains while Bitcoin pulled back after moving closer to $50,000 for the first time on Tuesday.

U.S. stocks ended on a lackluster note overnight as investors kept an eye on stimulus negotiations and impeachment proceedings.

The Dow Jones Industrial Average edged down marginally and the S&P 500 slipped 0.1 percent after closing higher for six consecutive sessions. The tech-heavy Nasdaq Composite inched up 0.1 percent to a fresh record closing high.

European stocks ended mostly lower on Tuesday, halting a recent rally on optimism about a swifter economic recovery.

The pan European Stoxx 600 ended flat with a negative bias. The German DAX dropped 0.3 percent, while France’s CAC 40 index and the U.K.’s FTSE 100 both inched up 0.1 percent.

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