Sensex, Nifty Seen Higher At Open

(RTTNews) - Indian shares look set to open a tad higher on Wednesday despite mixed cues from global markets.

Foreign fund inflows and a continued retreat in oil prices may also help underpin investor sentiment.

Overseas investors remained net buyers of Indian equities for the fifth consecutive session on Tuesday and mopped up shares worth Rs 314.5 crore, according to provisional data from the National Stock Exchange.

Oil prices extended loses for a fourth day running as supply concerns due to Hurricane Beryl eased and investors weighed the rising possibility of a ceasefire deal in Gaza.

Benchmark indexes Sensex and Nifty rose around half a percent each on Tuesday while the rupee ended flat at 83.48 against the dollar.

Asian markets traded mostly lower this morning after Federal Reserve Chair Jerome Powell offered little hints on the timing of possible interest-rate cuts.

The dollar held firm in Asian trade ahead of key U.S. data on consumer and producer price inflation.

The U.S. CPI report is due on Thursday and is expected to show inflation easing to 3.1 percent in June from 3.3 percent in May. The producer price inflation report is expected Friday.

Gold ticked higher while oil was little changed after three days of declines.

U.S. stocks ended narrowly mixed overnight as yields moved up after Fed Chair Jerome Powell told a Senate Banking Committee that inflation continues to moderate but "more good data" would strengthen the case for rate cuts.

He also noted that reducing policy restraint too late or too little could unduly weaken economic activity and employment.

The tech-heavy Nasdaq Composite edged up 0.1 percent and the S&P 500 inched up marginally to reach new record closing highs while the Dow slid 0.1 percent.

European stocks closed on a sluggish note Tuesday as uncertainty loomed for the euro after the French election.

The pan European STOXX 600 declined 0.9 percent. The German DAX dipped 1.3 percent, France's CAC 40 tumbled 1.6 percent and the U.K.'s FTSE 100 gave up 0.7 percent.