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Sensex, Nifty Seen Up As Oil Prices Plunge

Indian shares look set to open higher on Thursday after oil prices fell about 5 percent on Wednesday on supply worries, helping ease worries about rising inflation and higher twin deficits.

News about India emerging as the world's sixth largest economy in 2017 and a rise in the country's position in global innovation ranking for the third year in a row may also offer some support ahead of consumer price inflation and industrial output data due out later in the day.

Benchmark indexes Sensex and the Nifty shrugged off weak global cues to end marginally higher on Wednesday after TCS posted strong quarterly results. The rupee closed on a flat note against the dollar.

Asian markets are trading mixed on trade war fears and the dollar remained buoyant after the release of strong producer price inflation data, while oil inched up slightly after steep losses overnight on news that Libya is reopening its ports.

Overnight, U.S. stocks fell to snap a four-session winning streak as oil prices plunged and the Trump administration's latest round of tariffs on Chinese goods rekindled fears of a full-blown trade war.

The Dow dropped 0.9 percent, the tech-heavy Nasdaq Composite shed 0.6 percent and the S&P 500 slid 0.7 percent.

European markets also pulled back on Wednesday as trade-war fears took centre stage once again. The pan-European Stoxx Europe 600 index gave up 1.3 percent.

The German DAX and France's CAC 40 index both tumbled by 1.5 percent while the U.K.'s FTSE 100 lost 1.3 percent.

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