Sensex, Nifty Seen Tad Higher At Open

(RTTNews) - Indian shares look set to open higher on Tuesday, though overall gains may remain capped ahead of a holiday for markets on Wednesday for Maharashtra Day.

Investors also await cuts from the Fed policy meeting and the release of latest U.S. jobs report this week for additional cues on the Fed's rate trajectory.

Meanwhile, India's GDP growth could surpass the central bank's 7 percent estimate for 2024-25, the National Council for Applied Economic Research (NCAER) said on Monday, citing the forecast of an above-normal monsoon this year as well as projected acceleration in both global growth and trade volumes.

Benchmark indexes Sensex and Nifty jumped 1.3 percent and 1 percent, respectively on Monday, with private sector banks leading the charge.

The rupee dropped 10 paise to settle at 83.48 against the dollar, pressured by month-end dollar demand from importers.

Asian stocks traded mostly higher this morning, with Japanese markets leading reginal gains.

The yen traded near its lowest level since 1990 against the dollar and gold edged down slightly while oil held its biggest drop in almost two weeks as hopes grew for a possible Gaza truce deal.

U.S. stocks eked out modest gains overnight to extend last week's gains as the Fed meeting loomed and Tesla said it had cleared its path to roll out self-driving software in China.

The Dow and the tech-heavy Nasdaq Composite both rose about 0.4 percent while the S&P 500 added 0.3 percent.

European stocks gave up early gains to end mixed on Monday. The pan European STOXX 600 finished marginally higher.

The German DAX slipped 0.2 percent and France's CAC 40 shed 0.3 percent while the U.K.'s FTSE 100 ended flat with a positive bias.