Sensex, Nifty Seen Up As Retail Inflation Eases Further
(RTTNews) - Indian shares look set to open higher on Tuesday after data showed the country's retail inflation slowed in August, defying expectations for stability.
The consumer price index rose 5.30 percent year-on-year following a 5.59 percent climb in July, preliminary data from the statistics ministry revealed.
Economists had forecast 5.60 percent inflation. In the same month of 2020, inflation was 6.69 percent.
Benchmark indexes Sensex and the Nifty ended Monday's session modestly lower, with heavyweight Reliance Industries and ICICI Bank leading losses. The rupee fell by 18 paise to close at 73.68 against the greenback.
Asian markets traded mixed this morning and the dollar was little changed against other major currencies as investors awaited the release of U.S. inflation data that could impact expectations of the likely timeline for a reduction in Federal Reserve stimulus.
Oil rose for a third day as energy firms brace for another storm just weeks after Hurricane Ida cut local production. Gold edged lower on dollar strength, while Bitcoin traded at around $45,000.
U.S. stocks rose broadly overnight as traders went bargain hunting following the downward move seen over the past several sessions.
The Dow climbed 0.8 percent and the S&P 500 edged up 0.2 percent to snap five-session losing streaks, while the tech-heavy Nasdaq Composite index slid marginally to extend losses for the fourth straight session.
European stocks closed higher for the first time in five days on Monday amid optimism about growth.
The pan European Stoxx 600 gained 0.3 percent. The German DAX and the U.K.'s FTSE 100 both rose around 0.6 percent while France's CAC 40 index inched up 0.2 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.