Sensex, Nifty Likely To See Positive Start Ahead Of Macro Data
(RTTNews) - Indian shares look set to open higher on Thursday, with firm global cues and a steep fall in oil prices likely to underpin investor sentiment ahead of industrial output and retail inflation data due out later in the day.
Benchmark indexes Sensex and the Nifty rose around 0.3 percent on Wednesday despite mixed global cues.
The rupee ended up by 4 paise at 71.66 against the dollar, extending gains for the fifth consecutive session.
Asian markets held firm near a six-week high this morning and the Chinese yuan hit a three-week high after U.S. President Donald Trump agreed to delay an additional increase in tariffs on Chinese goods by two weeks.
Safe-haven assets such as the Japanese yen, U.S. Treasuries, and gold weakened in a sign of improving appetite for risk while oil prices rose after plunging nearly 3 percent on Wednesday following a downward revision in OPEC's oil demand forecast and amid speculation that the U.S. may ease sanctions on Iran.
Investors await a meeting of European Central Bank (ECB) later today in which it is expected to dole out stimulus and cut interest rates, given the risks posed by Britain's divorce from the European Union.
Overnight, U.S. stocks rose as President Trump called for zero percent interest rates and China granted tariff exemptions for 16 types of American-made products as a sign of goodwill ahead of the next round of trade talks.
The Dow Jones Industrial Average gained 0.9 percent, the tech-heavy Nasdaq Composite climbed 1.1 percent and the S&P 500 added 0.7 percent.
European markets ended Wednesday's session higher as investors looked ahead to key central bank meetings.
The pan European Stoxx 600 advanced 0.9 percent. The German DAX rose 0.7 percent, France's CAC 40 index gained 0.4 percent and the U.K.'s FTSE 100 rallied 1 percent.
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