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Sensex, Nifty To See Flat Opening As Oil Prices Climb

Indian shares look set to open on a flat note on Tuesday after Fitch Ratings cut India's FY18 GDP growth forecast to 6.7 percent from 6.9 percent projected earlier, saying the rebound was weaker than expected due to one-off factors like the demonetization program and disruptions related to the implementation of GST.

However, the U.S.-based ratings agency expects growth to pick up in the next two years on the back of gradual implementation of the structural reform agenda and higher real disposable income.

Also, underlying sentiment may remain cautious ahead of RBI monetary policy review and the first phase of Gujarat elections due this week.

Benchmark indexes Sensex and the Nifty pared intraday gains to close largely unchanged on Monday while the rupee rebounded by 9 paise to close at 64.37 per dollar.

Asian stocks are broadly lower this morning as technology stocks followed their U.S. peers lower and Brexit talks did not yield a breakthrough on the withdrawal issues.

Services sector data from China pointed to stronger growth in November, helping limit regional losses to some extent. Gold held steady on a softer dollar while oil prices climbed on expectations of a drop in U.S. crude stockpiles.

U.S. stocks ended mixed overnight after Senate Republicans narrowly approved a massive tax reform bill over the weekend.

The Dow inched up 0.2 percent to reach a fresh record closing high, while the Nasdaq Composite lost 1.1 percent and the S&P 500 slid 0.1 percent.

European markets rallied on Monday, propelled by progress towards U.S. tax cuts and hopes for progress in Britain's Brexit talks.

The pan-European Stoxx Europe 600 index advanced 0.9 percent. The German DAX rallied 1.5 percent, France's CAC 40 index climbed 1.4 percent and the U.K.'s FTSE 100 rose half a percent.

by RTT Staff Writer

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