Sensex, Nifty Seen Little Changed At Open

(RTTNews) - Indian shares are seen opening little changed on Tuesday as investors eagerly await the 2024 Lok Sabha election results scheduled to be announced on June 4.

FIIs/FPIs net sold shares worth a net Rs 541 crore on Monday, while domestic institutional investors net bought Rs 923 crore worth of equities, according to provisional data from stock exchanges.

Goldman Sachs has revised its GDP forecast for India upwards by 10 basis points to 6.7 percent but pushed back its expectation of a cut in interest rate by the RBI by one quarter to Q4-CY24. It expects the RBI to deliver the first rate cut in the December 2024 meeting.

Benchmark indexes Sensex and Nifty hit record highs on Monday before giving up all gains to end marginally lower for the day.

Likewise, the rupee pared its initial gains to settle down by 4 paise at 83.14 against the dollar.

Asian stocks were narrowly mixed this morning as investors awaited a swath of global inflation prints for direction.

Benchmark indexes in China and Hong Kong were rising after Shanghai reduced the minimum down payment for first-time home buyers.

Gold edged up slightly in Asian trading as a gauge of the dollar and the 10-year Treasury yield slipped. Oil extended gains for a second straight session ahead of an OPEC+ supply meeting on Sunday.

The U.S. markets were closed overnight for Memorial Day.

European stocks closed higher Monday on late hour buying after two key ECB policymakers threw their weight behind the prospect of an interest rate cut next week.

The pan European STOXX 600 rose 0.3 percent. The German DAX added 0.4 percent and France's CAC 40 gained half a percent while the U.K. market was closed for a Bank holiday.