Markets

Sensex, Nifty Set To Follow Asian Peers Higher

(RTTNews) - Indian shares are likely to open higher on Friday despite weak global cues on worries over surging coronavirus cases and simmering U.S.-China tensions.

Domestic rating agency Icra sees India's GDP contracting 9.5 percent in FY21, down from 5 percent estimated earlier as a result of continued lockdowns in some states.

India remains the third worst Covid-19 affected country in the world after the U.S. and Brazil with over 9.68 lakh confirmed cases.

Benchmark indexes Sensex and the Nifty rose over 1 percent on Thursday after IT major Infosys reported better than expected earnings for the June quarter and data showed that India recorded a trade surplus in June for the first time in more than 18 years. The rupee, however, settled 3 paise lower at 75.18 against the U.S. dollar.

Asian markets are moving higher this morning, the dollar dipped, oil prices were unchanged and gold held steady as the U.S. Congress prepares to debate fresh economic stimulus.

The United States reported at least 70,000 new Covid-19 cases on Thursday, a record daily increase for the seventh time this month.

New York Fed President John Williams said Thursday that the Fed is striving to get economy on track and that financial support for Americans will be essential to navigate the crisis.

U.S. stocks ended lower overnight as investors reacted to mixed corporate earnings, elevated jobless claims figures and rising U.S.-China tensions.

The Dow Jones Industrial Average dropped half a percent to snap a four-day winning streak, the S&P 500 eased 0.3 percent and the tech-heavy Nasdaq Composite shed 0.7 percent.

European stocks ended off their day's lows on Thursday as the ECB kept policy steady, as expected, and traders awaited a key EU summit at which leaders are expected to bridge differences and agree on a 750-billion-euro recovery fund.

The pan-European Stoxx Europe 600 index fell half a percent. The German DAX eased 0.4 percent, France's CAC 40 index declined half a percent and the U.K.'s FTSE 100 slid 0.7 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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