Indian Shares Seen Higher At Open

(RTTNews) - Indian shares look set to open higher on Tuesday after suffering heavy losses in the previous session.

Underlying sentiment may remain supported somewhat amid reports that the government will likely announce another round of stimulus ahead of Diwali.

According to media reports, the economic measures are likely to include a push for infrastructure in urban projects, extension of the production-linked incentive (PLI) scheme to more sectors, and sector-specific relief for hospitality and tourism industries.

Meanwhile, India's fatality rate due to Covid-19 dropped to 1.5 percent, the lowest since March 22, data showed as daily infections fell below 50,000 for the second time this month. Daily deaths fell below 500 after more than three months.

Benchmark indexes Sensex and the Nifty lost over 1 percent on Monday while the rupee fell by 23 paise to close at a four-week low of 73.84 against the U.S. dollar.

Asian markets followed Wall Street lower this morning on renewed coronavirus concerns, with U.S. infectious disease expert Anthony Fauci saying that a Covid-19 vaccine isn't an end-all solution to the pandemic.

Oil prices rose after falling sharply on Monday while the dollar slipped, helping gold prices push higher.

U.S. stocks tumbled overnight as rising Covid-19 cases, disappointing housing data and diminishing prospects for a U.S. stimulus deal added to worries about the economic outlook.

In an interview with CNN on Sunday, White House chief of staff Mark Meadows argued that the pandemic could not be controlled and suggested the administration would focus on vaccines and therapeutics.

The Dow Jones Industrial Average lost 2.3 percent, the tech-heavy Nasdaq Composite shed 1.6 percent and the S&P 500 gave up 1.9 percent.

European stocks ended Monday's session deep in the red as several European countries prepared for a lockdown due to rising Covid-19 cases.

The pan European Stoxx 600 declined 1.8 percent. The German DAX plummeted as much as 3.7 percent after a measure of German business morale fell for the first time in six months in October. France's CAC 40 index declined 1.9 percent and the U.K.'s FTSE 100 slid 1.2 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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