Sensex, Nifty Seen Flat To Higher At Open Ahead Of Budget 2024

(RTTNews) - Indian shares may open flat to slightly higher on Tuesday as investors react to firm global cues and await the presentation of the Union Budget 2024 for impetus.

Finance Minister Nirmala Sitharaman will be presenting her seventh consecutive Union Budget in a row at 11 am today, with big-ticket announcements in key sectors such as health, infrastructure, education, defense and others expected.

The annual Economic Survey presented by the government in parliament on Monday offered a mixed outlook amid significant global uncertainties.

Benchmark indexes Sensex and Nifty ended a choppy session marginally lower on Monday, with Reliance Industries and Wipro leading losses after posting disappointing quarterly results. The rupee gained 3 paise to close at 83.67 against the dollar.

Asian markets traded mostly higher this morning, though Chinese and Hong Kong stocks edged lower on worries about China's slowing growth.

The dollar index was little changed and Treasury yields steadied as investors await key U.S. GDP and inflation readings this week for clues to whether the Federal Reserve will cut interest rates in September.

Oil steadied near a five-week low while gold held firm above $2,400 per ounce.

U.S. stocks rose sharply overnight as big tech stocks regained some of their losses from last week and Joe Biden's withdrawal from the presidential election reduced the odds of an outright Republican victory.

The tech-heavy Nasdaq Composite jumped 1.6 percent, the S&P 500 advanced 1.1 percent and the Dow edged up 0.3 percent.

European stocks rose on Monday after China announced unexpected cuts to lending rates to support a fragile economy.

The pan European STOXX 600 gained 0.9 percent. The German DAX rallied 1.3 percent, France's CAC 40 surged 1.2 percent and the U.K.'s FTSE 100 added half a percent.