Sensex, Nifty Seen Lower After Rally; Earnings In Focus
(RTTNews) - Indian shares look set to open a tad lower on Thursday after strong gains in the previous session.
India has slipped 10 spots to rank 68th in the annual global competitiveness index, largely due to improvements witnessed by several other economies.
Focus shifts to earnings with Tata Consultancy Services (TCS) and IndusInd Bank scheduled to announce their September quarter results today.
Benchmark indexes Sensex and the Nifty jumped around 1.7 percent on Wednesday to snap a six-session losing streak, with banks and automakers leading the surge. The rupee ended marginally lower at 71.07 against the dollar.
Asian markets fell this morning and safe-haven assets such as gold, the Japanese yen and the Swiss franc strengthened as investors digest conflicting reports on the state of U.S.-China trade talks.
Meanwhile, U.S. Democratic presidential contender Joe Biden called for the impeachment of Trump for the first time in a deepening partisan fight over a congressional investigation of the Republican president.
Overnight, U.S. stocks rose after a report from Bloomberg News said China is still open to reaching a partial trade deal with the U.S. as long as Trump doesn't impose any more tariffs.
It was said that Beijing was ready to offer non-core concessions like purchases of agricultural products without giving in on major sticking points.
Traders shrugged off the minutes of the Federal Reserve's September monetary policy meeting, which revealed a few participants expressed concerns that the markets expect more interest rate cuts than are appropriate.
The Dow Jones Industrial Average gained 0.7 percent, the tech-heavy Nasdaq Composite surged 1 percent and the S&P 500 added 0.9 percent.
European markets rose on Wednesday amid hopes about further interest rate cuts by the Federal Reserve and easing Brexit worries.
The pan European Stoxx 600 gained 0.4 percent. The German DAX jumped 1 percent, France's CAC 40 index advanced 0.8 percent and the U.K.'s FTSE 100 inched up 0.3 percent.
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