Sensex, Nifty Poised For Steady Start Despite Weak Global Cues

Indian shares look set to open a tad higher on Tuesday despite weak cues from global markets. Stock-specific action may be seen due to lack of positive triggers.

Benchmark indexes Sensex and Nifty fell around 0.8 percent each on Monday to extend losses for a third straight session, while the rupee dropped 7 paise to close at 81.81 against the dollar.

Asian markets traded mixed this morning while gold ticked higher as the dollar pared some of its strong overnight gains.

Oil prices rose slightly after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies.

U.S. stocks ended lower overnight on growth concerns, as COVID lockdowns returned in China and Federal Reserve Bank of San Francisco President Mary Daly said it is premature to rule large-sized rate hike at the next policy meeting in December.

Cleveland Fed Bank President Loretta Mester also said he doesn't see any pause in the rate hike cycle yet.

The Dow slipped 0.1 percent and the S&P 500 shed 0.4 percent while the tech-heavy Nasdaq Composite lost 1.1 percent.

European stocks ended Monday's session on a weak note as investors assessed the outlook for inflation, interest rates and economic growth.

The pan European STOXX 600 finished marginally lower. The German DAX slipped 0.4 percent, France's CAC 40 index slid 0.2 percent and the U.K.'s FTSE 100 eased 0.1 percent.

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