Sensex, Nifty Likely To Open On Steady Note

(RTTNews) - Indian shares may see modest gains at open on Friday after Wall Street stocks broke a four-day losing streak overnight, led by gains in tech and growth stocks.

That said, a rebound in oil prices and concerns over possible FII outflows may weigh on trading as the session progresses.

Oil extended gains this morning after settling 2 percent higher overnight on signs of tightening supply.

Data shows that FIIs made their biggest selling of the current week by pulling out more than Rs. 1,417 crore on Thursday.

Benchmark indexes Sensex and Nifty fluctuated before ending slightly lower on Thursday, extending losses for a fifth straight session.

The rupee gained 15 paise to close at 82.73 against the dollar after the release of Fed and RBI's MPC meeting minutes.

Asian markets were trading mixed this morning and gold drifted higher on dollar weakness ahead of the release of the Fed's preferred gauge of inflation later in the day.

U.S. stocks rebounded from early losses to finish higher overnight, as Nvidia's upbeat outlook helped offset concerns about the trajectory of interest rates.

In economic releases, new claims for unemployment benefits unexpectedly fell last week, pointing to a persistently tight labor market, while the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2022, separate reports showed.

The Dow inched up 0.3 percent, the tech-heavy Nasdaq Composite added 0.7 percent and the S&P 500 gained half a percent.

European stocks ended Thursday's session mostly higher as the FOMC minutes sprung no surprises. The pan-European STOXX 600 ended flat with a positive bias.

The German DAX rose half a percent and France's CAC 40 index edged up 0.3 percent while the U.K.'s FTSE 100 slipped 0.3 percent on ex-dividend trades.