Indian Shares Set To Follow Asian Peers Higher
(RTTNews) - Indian shares look set to open higher on Tuesday after suffering heavy losses in the previous session following Fed Chair Jerome Powell's hawkish speech in Jackson Hole.
The upside, however, may remain capped by concerns over rising oil prices and darkening global economic outlook.
Benchmark indexes Sensex and the Nifty fell around 1.5 percent each on Monday amid a global sell-off, while the rupee fell by 10 paise to close at 79.94 against the dollar.
Asian markets traded mostly higher this morning and the dollar eased off a 20-year high, while gold ticked higher after hitting a one-month low on Monday. Oil prices dipped slightly after surging nearly 4 percent overnight.
U.S. stocks saw further downside overnight to extend Friday's rout, as rising Treasury yields and higher oil prices amid reassurances of supply cuts by OPEC and its allies prompted investors to reprice rate hike expectations.
The Dow shed 0.6 percent, the tech-heavy Nasdaq Composite lost 1 percent and the S&P 500 declined 0.7 percent.
European stocks hit one-month low on Monday, as a deepening energy crisis and hawkish comments from central bankers added to fears of an imminent recession.
The pan-European Stoxx 600 index fell 0.8 percent. The German DAX slipped 0.6 percent, France's CAC 40 index dipped 0.8 percent and the U.K.'s FTSE 100 gave up 0.7 percent.
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