Sensex, Nifty Set To Follow Global Peers Lower
(RTTNews) - Indian shares look set to open lower on Wednesday, tracking a sharp sell-off in global markets as investors fret about an U.S. economic slowdown and look ahead to the release of all-important U.S. jobs data on Friday for potential clues to Federal Reserve rate cuts.
Overall losses may remain capped somewhat as oil prices slumped about 5 percent in the U.S. trading session overnight on growth worries.
Benchmark indexes Sensex and Nifty ended Tuesday's session narrowly mixed, with the 30-share Sensex snapping a ten-day winning streak while the Nifty index extended gains for the 14th straight session. The rupee fell by 5 paise to close at 83.96 against the dollar.
Asian markets were deep in the red this morning and gold held steady below $2,500 per ounce while crude oil prices extended losses after falling almost 5 percent in the previous session.
U.S. stocks slumped overnight, with the major averages posting their worst declines since Aug.5, as weak manufacturing data added to concerns that the U.S. economy could be headed to a recession.
The tech-heavy Nasdaq Composite plummeted 3.3 percent amid a steep drop for AI investor darling Nvidia and other chip stocks.
The S&P 500 tumbled 2.1 percent and the Dow dipped 1.5 percent as two indicators of manufacturing activity showed continued sluggish activity in the sector.
European stocks dropped from record high levels on Tuesday as new U.S data rekindled growth worries.
The pan-European STOXX 600 dipped 1 percent. The German DAX lost 1 percent, France's CAC 40 shed 0.9 percent and the U.K.'s FTSE 100 gave up 0.8 percent.
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