Sensex, Nifty Likely To See Gap-up Opening

RTTNews | 914 दिनों पहले
Sensex, Nifty Likely To See Gap-up Opening

(RTTNews) - Indian shares are seen opening sharply higher on Monday, mirroring positive cues from global markets on hopes that U.S. inflation is peaking and that the world's largest economy is still on a solid footing.

Volatility is likely to remain high this week due to the expiry of monthly derivatives contracts and the U.S. quarterly GDP data due on Wednesday. The U.S. will officially enter into a recession if it posts negative growth.

OPEC is set to hold an ordinary meeting on June 29 followed by a meeting of OPEC and non-OPEC members on June 30.

Closer home, India's retail inflation is showing signs of peaking and the required policy actions will be more moderate than in the rest of the world, said Reserve Bank of India (RBI) deputy governor Michael Patra.

Asian markets followed Wall Street higher and Treasury yields were subdued while the dollar held near the lowest in more than a week. Oil extended gains after having settled up by more than $3 a barrel on Friday.

U.S. stocks rose sharply on Friday to snap a three-week losing streak as housing data surprised on the upside and a widely followed consumer sentiment survey showed a slight easing of inflation expectations.

The Dow climbed 2.7 percent to cap its first weekly advance since May despite a pair of U.S. central bankers supporting further sharp interest rate hikes to stem rapid price rises. The tech-heavy Nasdaq Composite surged 3.3 percent and the S&P 500 added 3.1 percent.

European stocks also posted strong gains on Friday despite a batch of weak economic data. The pan European Stoxx 600 surged 2.6 percent, logging its best single-day gain in more than three months.

The German DAX rallied 1.6 percent, France's CAC 40 index climbed 3.2 percent and the U.K.'s FTSE 100 advanced 2.7 percent.

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