Indian Shares Set For Subdued Start

(RTTNews) - Indian shares look set to open on a weak note Wednesday as investors weigh the risk of fresh U.S. tariffs and rising geopolitical tensions.

Reliance Industries shares could be in focus after the company refuted claims of receiving Russian oil at its Jamnagar refinery in recent weeks and stated that there is no connection between the reports and equity price movements.

On the earnings front, Premier Energy and Infrastructure, and Galaxy Agrico Exports will publish their quarterly earnings results later today.

Benchmark indexes Sensex and Nifty dropped around 0.4 percent and 0.3 percent, respectively on Tuesday to extend losses from the previous session amid the NSE Nifty weekly expiry.

The rupee snapped its four-day losing streak to settle 12 paise higher at 90.18, tracking a decline in the U.S. dollar index.

Foreign investors net sold shares worth Rs 106 crore on Tuesday, while domestic institutional investors added strength to the market, buying shares to the extent of Rs. 1,749 crore, according to exchange provisional data.

Asian stocks were mixed this morning after four days of gains. A cautious undertone prevailed after China banned exports of dual-use goods that can serve both civilian and military purposes to Japan, citing national security concerns amid escalating tensions over Taiwan.

The dollar held overnight gains while gold drifted lower after inching closer to a record peak in the previous session.

Oil extended losses after U.S. President Donald Trump said Venezuela would turn over as many as 50 million barrels of sanctioned oil and it will be taken by storage ships and brought directly to unloading docks in the United States.

Overnight, U.S. stocks notched fresh records as investors continued to shrug off worries about the U.S. attack on Venezuela over the weekend and looked ahead to the release of key economic data this week that could influence the Federal Reserve's rate trajectory.

Data showed the U.S. service sector expanded at the weakest pace of growth since April, bolstering rate cut hopes.

The Dow rallied 1 percent and the S&P 500 gained 0.6 percent to reach new record closing highs while the tech-heavy Nasdaq Composite advanced 0.7 percent.

European stocks closed higher on Tuesday as investors digested regional PMI and inflation readings, and closely followed the latest developments in Venezuela.

The pan European Stoxx 600 added 0.6 percent. The German DAX finished marginally higher and France's CAC 40 rose 0.3 percent while the U.K.'s FTSE 100 climbed 1.2 percent to reach a new closing high.