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Sensex, Nifty Poised For Muted Open

Indian shares look set to open on a cautious note Wednesday as other Asian markets traded weak despite overnight gains on Wall Street.

Domestic cues remain positive, with international ratings agency Moody's upgrading the outlook on India's sovereign rating to 'stable' from 'negative' in a revision after nearly two years.

The decision to change the outlook to stable reflects Moody's view that the downside risks from negative feedback between the real economy and financial system are receding.

Benchmark indexes Sensex and the Nifty climbed 0.8 percent and 0.7 percent, respectively on Tuesday after a survey showed India's services industry expanded for a second straight month in September. The rupee slipped 13 paise to close at 74.44 against the greenback.

Asian markets fell broadly this morning and Treasury yields extended an advance as rising energy prices and supply-chain gridlock resurrected conversations about stagflation.

The dollar hovered close to its highs for the year and crude oil steadied near a seven-year high while Bitcoin held a climb past the $51,000 mark.

U.S. stocks rose overnight as a measure of services industry activity rose in September despite supply chain troubles and a key lawmaker said the Senate will vote on Wednesday on a Democratic-backed measure to suspend the U.S. debt ceiling.

The Dow gained 0.9 percent, the tech-heavy Nasdaq Composite rallied 1.3 percent and the S&P 500 added 1.1 percent.

European stocks also closed higher on Tuesday after a survey showed business growth across Europe remained strong last month despite shortages of inputs.

The pan European Stoxx 600 advanced 1.2 percent. The German DAX gained 1.1 percent, France's CAC 40 index surged 1.5 percent and the U.K.'s FTSE 100 rose 0.9 percent.

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