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Sensex, Nifty Seen Opening Higher On Sliding Dollar

Indian shares may open slightly higher on Wednesday as the dollar remains in the doldrums. Positive global cues may also offer a helping hand while higher levels may trigger some profit taking ahead of corporate results and amid soaring global crude prices.

Benchmark indexes Sensex and the Nifty ended Tuesday's session on a flat note while the rupee rose for a fourth straight session to close at a 9-month high of 63.48 per dollar as PMI and core sector output data signaled revival in the Indian economy.

Asian stocks are broadly higher this morning as a slew of upbeat manufacturing surveys stoked optimism about global growth.

Oil gained further ground amid rising geopolitical tensions while gold inched up to trade near a 3-1/2-month high on dollar weakness.

Overnight, U.S. stocks started the New Year on a buoyant note as investors lapped up technology and healthcare stocks that should benefit from faster economic growth.

The S&P 500 climbed 0.8 percent to reach a fresh record high and the tech-heavy Nasdaq Composite rallied as much as 1.5 percent to close above 7,000 for the first time while the Dow rose 0.4 percent.

European markets ended mostly lower on Tuesday as the dollar weakened against the euro and pound on fears of ECB stimulus tapering and traders awaited new rules for the region's financial markets.

The pan-European Stoxx Europe 600 index eased 0.2 percent. The German DAX dropped 0.4 percent, while France's CAC 40 index and the U.K.'s FTSE 100 both fell by half a percent.

by RTTNews Staff Writer

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