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Indian Shares Set To Rebound After Sell-off

4/9/2012 11:12 PM ET

Indian shares are seen opening higher on Tuesday, as investors hunt for bargains and closely keep an eye on a crucial meeting of senior finance ministry officials with ratings agency Standard & Poor's today where government officials will defend India's fiscal deficit roadmap and explain their concerns over the ratings outlook. Investors also await industrial output due on Thursday and Infosys' results scheduled to be announced on Friday for clues to near-term market outlook.

Asian markets are rebounding, with key benchmark indexes in Japan, South Korea and Taiwan rising between 0.5 percent and 1.1 percent, as investors hunted for bargains after five successive days of losses. On Wall Street, stocks ended notably lower on Monday in the wake of last week's disappointing US jobs report. The Dow lost a percent, while the tech-heavy Nasdaq and the S&P 500 shed around 1.1 percent each.

Crude oil futures closed at a seven-week low on Monday, as weaker-than-expected U.S. jobs growth for March stoked demand concerns and talks between Iran and major powers set for later this week eased supply-disruption worries.

Back home, Indian shares tumbled on Monday, with benchmark indexes Sensex and the Nifty losing 1.5 percent and 1.7 percent respectively, as weak Asian cues on the heels of disappointing U.S. jobs data revived concerns about sluggish economic recovery in the world's largest economy.

by RTT Staff Writer

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