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Sensex, Nifty Seen Higher Despite Lackluster Global Cues

Indian shares look set to open higher on Friday despite lackluster global cues, with Asian markets turning in a mixed performance this morning amid a lack of prominent triggers.

The dollar weakened for a second day and safe-haven assets such as Treasuries and the Japanese yen advanced, while gold prices hovered near a three-month high on uncertainty over the timing of Federal Reserve's next rate-hike. Oil was headed for the first weekly decline in five weeks on signs of rising U.S. crude output.

U.S. stocks ended mixed overnight as markets showed signs of fatigue after a five-day streak of record highs. The Dow rose marginally to eke out another record close, while the Nasdaq Composite and the S&P 500 edged down about 0.1 percent each to snap their seven-day winning streak.

European stocks fell for the first time in eight days on Thursday, with banks and miners pacing declines, as metals prices retreated and a slew of earnings results from the likes of Nestle, NN Group and Cobham disappointed investors.

The pan-European Stoxx Europe 600 index shed 0.4 percent and France's CAC 40 index slid half a percent while the German DAX and the U.K.'s FTSE 100 fell by 0.3 percent.

Closer home, benchmark indexes Sensex and the Nifty rebounded from two days of losses to close up around half a percent on Thursday after TCS convened a board meeting to consider a share buyback and the Union Cabinet approved a proposal to merge five associate banks of SBI with the parent. The rupee broke its two-day winning streak to end down 17 paise at 67.07 per dollar.

Biocon and HDFC Bank could be in focus today ahead of their quarterly results. Biocon may also see increased activity after the company and its partner Mylan Inc. said the U.S. drug regulator has accepted Mylan's biologics license application for a proposed biosimilar pegfilgrastim for review.

by RTTNews Staff Writer

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