Sensex, Nifty Seen Up On Firm Global Cues

(RTTNews) - Indian shares may open higher on Friday as investors react to firm global cues and BJP's strong performance in the assembly polls in the northeastern states of Tripura, Nagaland and Meghalaya.

Adani Group stocks would continue to be in focus after the embattled group sold minority stakes in four of its listed companies to U.S.-based GQG Partners for Rs. 15,446 crore.

Benchmark indexes Sensex and Nifty fell around 0.8 percent and 0.7 percent, respectively on Thursday, after having snapped an eight-day losing streak the previous day.

Asian markets traded mostly higher this morning despite heightened Sino-U.S. tensions and anxiety ahead of the annual parliamentary gathering in Beijing, which kicks off this weekend to set economic targets and elect a new leadership team.

The United States is seeking backing from its allies for imposing new sanctions on China if Beijing provides military support to Russia for its war in Ukraine, media reports said, citing four U.S. officials.

In another development, the leaders of China and Belarus have expressed their "extreme interest" in a peaceful resolution in Ukraine.

Gold traded firm and was set for its first weekly gain in five as the dollar eased despite an uncertain Fed outlook. Oil edged down slightly in Asian trading but headed for a weekly gain on optimism over China's recovery.

U.S. stocks rose overnight as Treasury yields retreated from earlier highs on comments from Atlanta Federal Reserve President Raphael Bostic suggesting that he favored "slow and steady" path of interest rate hikes.

In economic releases, weekly jobless claims declined further, indicating continued strength in the labor market, while labor costs grew faster than initially thought in the fourth quarter, separate reports showed.

The Dow rallied 1.1 percent, the tech-heavy Nasdaq Composite gained 0.7 percent and the S&P 500 advanced 0.8 percent.

European stocks closed Thursday's session slightly higher as a measure of euro area inflation slowed and ECB President Christine Lagarde indicated that further interest rate hikes are "possible" after March, depending on the incoming data.

The pan European STOXX 600 rose half a percent. The German DAX edged up 0.2 percent, France's CAC 40 index rose 0.7 percent and the U.K.'s FTSE 100 added 0.4 percent.