Markets

Sensex, Nifty Seen Flat To Lower At Open

(RTTNews) - Indian shares look set to open a tad lower on Wednesday after the country recorded the highest count of fresh Covid-19 cases in the world for the second day running.

India's daily death toll was also way higher than the fatalities reported in Brazil and the U.S, while the recovery rate among Covid-19 patients has risen to 66.31 percent.

The Finance Ministry noted in a latest monthly update that the worst seems to be over for the Indian economy, but the recovery is going to be very fragile.

Benchmark indexes Sensex and the Nifty jumped around 2 percent on Tuesday as the RBI's Monetary Policy Committee (MPC) began its three-day deliberations and a slew of encouraging economic data from Europe, China and the U.S. raised hopes for a quick economic rebound from the coronavirus pandemic. The rupee closed nearly unchanged at 75.04 against the dollar.

Asian markets are moving lower this morning after reports that senior U.S. and Chinese officials are planning to review the phase one trade agreement later this month.

Gold rallied to above $$2,000 an ounce as the dollar weakened against major peers.

Oil climbed to the highest level in nearly two weeks after an explosion at Lebanon's main port rocked the capital Beirut.

U.S. stocks rose overnight as investors weighed positive comments from U.S. Senate Democratic leader Chuck Schumer and Senate Majority Leader Mitch McConnell on stimulus against a slew of disappointing earnings results.

In economic news, data showed that durable goods orders rose strongly in June for the second straight month after historic declines in the early spring.

The Dow Jones Industrial Average gained 0.6 percent to extend gains for the third straight session, while the tech-heavy Nasdaq Composite and the S&P 500 inched up around 0.4 percent.

European stocks ended mixed on Tuesday as investors monitored rising diplomatic tensions between the U.S. and China.

The pan European Stoxx 600 ended little changed with a negative bias. The German DAX dropped 0.4 percent, while France's CAC 40 index rose 0.3 percent and the U.K.'s FTSE 100 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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