Sensex, Nifty Set To Extend Gains On Firm Global Cues
(RTTNews) - Indian shares may open higher on Thursday as oil extended losses after hitting a nearly three-month low in the previous session on mounting global recession fears.
With commodity prices coming off quickly, it is expected that inflationary pressures will come down in the months ahead.
The rupee would be in focus today after the Reserve Bank of India announced various measures to increase forex inflows in a bid to check the currency's slide.
Benchmark indexes Sensex and the Nifty jumped over 1 percent each on Wednesday, as a sharp fall in oil prices in the previous session helped ease investor worries surrounding high inflation and interest-rate hikes.
Asian markets were mostly higher this morning despite signs China may be returning to the kind of strict restrictions seen earlier this year.
U.S. stocks eked out modest gains overnight after minutes from the Fed's June meeting suggested that another interest rate increase of 50 or 75 basis points is likely at the July meeting to tame inflation.
The Dow edged up 0.2 percent, while the S&P 500 and the tech-heavy Nasdaq Composite both rose by 0.4 percent.
European stocks climbed on Wednesday as German industrial orders data beat expectations and an end to strike by Norwegian oil and gas workers eased worries of energy supply crunch.
The pan European Stoxx 600 jumped 1.7 percent. The German DAX rallied 1.6 percent, France's CAC 40 index added 2 percent and the U.K.'s FTSE 100 surged 1.2 percent.
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