Sensex, Nifty Likely To See Positive Start

(RTTNews) - Indian shares may open a tad higher on Wednesday after Finance Minister Nirmala Sitharaman said the government is not underestimating the slow GDP growth and has full focus on how it can rise in the next quarter.

Talking about the slowdown in the automotive industry, the FM has promised to come up with more relief measures in the near future.

Indian markets were closed on Tuesday on account of Muharram.

On Monday, benchmark indexes Sensex and the Nifty rose around half a percent to extend gains for the second day running, as weak economic data from the U.S. and China raised hopes of further stimulus from global central banks.

The rupee gave up early gains to end almost flat at 71.71 against the U.S. dollar as oil prices rose in anticipation that new Saudi energy minister, Prince Abdulaziz bin Salman, would push for production cuts.

Asian markets held firm this morning as U.S.-China tensions ebbed and investors awaited key central bank policy announcements, including the European Central Bank on Thursday and the U.S. Federal Reserve next week.

China has scrapped quotas on a pair of high-profile inbound investment schemes, giving global traders unfettered access to the world's second-largest capital market in another move in the country's economic liberalization.

The dollar held near a six-week high against the yen while oil prices held firm near their highest levels in six weeks.

U.S. stocks ended mixed overnight after the release of underwhelming Chinese inflation data and amid reports that Beijing will buy more American agricultural products to position itself for a better trade deal.

The Dow Jones Industrial Average edged up 0.3 percent and the S&P 500 inched up marginally while the tech-heavy Nasdaq Composite index ended flat with a negative bias.

European markets advanced on Tuesday as investors awaited central bank meetings and watched the latest developments on the Brexit front after British Prime Minister Boris Johnson said that he would not request an extension to Brexit.

The pan European Stoxx 600 gained 0.1 percent. The German DAX and the U.K.'s FTSE 100 both rose around 0.4 percent while France's CAC 40 index inched up 0.1 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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