Sensex, Nifty Seen Tad Lower At Open

(RTTNews) - Indian shares are seen opening a tad lower on Wednesday, tracking weak cues from other Asian markets.

Recent buying by FIIs and a sharp fall in oil prices on Tuesday may help limit the downside to some extent as the session progresses.

Oil prices traded mixed in Asian trading this morning, after having dropped more than 2 percent in the previous session as top Wall Street banks including Goldman Sachs Group Inc. and Morgan Stanley slashed their price forecasts for next year.

Benchmark indexes Sensex and Nifty ended a choppy session marginally higher on Tuesday, while the rupee dropped 5 paise to close at 83.92 against the dollar.

Asian markets were broadly lower, and the U.S. dollar held near its lowest in more than a year against a basket of peers while gold eased after climbing on Tuesday, driven by a weaker dollar.

U.S. stocks ended little changed overnight as investors weighed geopolitical risks and awaited cues from Nvidia's earnings and a key inflation reading.

The Dow finished marginally higher to reach a new record closing high after a measure of U.S. consumer confidence rose to a six-month high in August. The tech-heavy Nasdaq Composite and the S&P 500 both edged up by 0.2 percent.

European stocks closed broadly higher on Tuesday even as weak German GDP and consumer confidence readings added to economic woes.

The pan European STOXX 600 inched up 0.2 percent. The German DAX rose 0.4 percent and the U.K.'s FTSE 100 added 0.2 percent.

France's CAC 40 slipped 0.3 percent after French President Emmanuel Macron refused to name a prime minister from the left-wing New Popular Front alliance (NFP).