Markets

Sensex, Nifty Set To Follow Wall Street Lower

(RTTNews) - Indian shares are likely to open lower on Friday as investors monitor a surge in coronavirus cases globally, rising U.S.-China tensions and disappointing U.S. unemployment data.

Fiscal deficit worries may also weigh after Economic Affairs Secretary Tarun Bajaj said the government is unlikely to meet the Budget targets for 2020-21 due to the Covid-19 crisis.

Chief Economic Advisor (CEA) Krishnamurthy Subramanian said the government will wait for the development of a Covid-19 vaccine before committing to any further "fiscal push" to revive the economy.

Benchmark indexes Sensex and the Nifty rose about 0.7 percent on Thursday, while the rupee ended nearly unchanged at 74.75 against the U.S. dollar.

Asian markets are moving lower this morning and the dollar hovered near a two-year low, while gold headed for its best week in three months.

Oil edged higher after falling about 2 percent Thursday on concerns over excess supply in the market and the outlook for energy demand.

U.S. stocks fell sharply overnight as investors reacted to rising coronavirus cases, mixed earnings updates, disappointing jobless claims figures and ongoing debate in Congress over the next stimulus bill.

The Dow Jones Industrial average fell 1.3 percent, the tech-heavy Nasdaq Composite index lost 2.3 percent and the S&P 500 declined 1.2 percent.

European stocks ended largely unchanged on Thursday as worrying U.S. jobless claims and Eurozone consumer confidence data offset strong regional earnings reports. Investors also monitored news on trade talks between Britain and the EU.

The pan European Stoxx 600 edged up 0.1 percent. The German DAX finished marginally lower and France's CAC 40 index slid 0.1 percent while 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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