Sensex, Nifty Likely To Open On Positive Note
(RTTNews) – Indian shares may open on a positive note Thursday, though volatility cannot be ruled out in the wake of relentless outflows of foreign funds, persisting geopolitical tensions and the impending U.S. election.
The latest batch of corporate earnings coupled with manufacturing and services data for October will be on investors’ radar.
FMCG stocks may decline after Hindustan Unilever reported Q2 results that fell short of market expectations.
TVS Motor Company missed Q2 profit view on higher costs while SBI Life Insurance’s Q2 net profit rose 39.3 percent year-on-year, but sill missed analysts’ estimates. ITC is set to release its quarterly earnings results later today.
Benchmark indexes Sensex and Nifty gave up early gains to end marginally lower on Wednesday. The rupee settled on a flat note at 84.08 against the dollar.
Asian stocks traded mixed this morning. Chinese and Hong Kong markets fell, dragged down by tech shares on concerns the U.S.-China trade tensions may worsen.
Gold’s record rally stalled due to a stronger dollar and elevated bond yields. Oil prices were up about 1 percent in Asian trading and were on track for a 3 percent weekly gain.
U.S. stocks fell overnight as rising bond yields and uncertainty about the outcome of the Nov. 5 presidential election triggered a sell-off in the world’s largest technology companies.
The 10-year yield rose to its highest level in almost three months amid bets the Federal Reserve will take a more measured approach on rate cuts.
The Dow dropped 1 percent and the S&P 500 declined 0.9 percent to extend losses into a third straight day, while the tech-heavy Nasdaq Composite tumbled 1.6 percent.
European stocks fell for a third straight session on Wednesday as investors reacted to mixed corporate earnings and looked ahead to the U.K. autumn budget.
The pan-European STOXX 600 dipped 0.3 percent. The German DAX slipped 0.2 percent, France’s CAC 40 gave up half a percent and the U.K.’s FTSE 100 dipped 0.6 percent.
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