Sensex, Nifty May Rise As Yields Ease

(RTTNews) - Indian shares may open higher on Friday, though IT stocks may trade weak after Accenture forecast first-quarter revenue below Wall Street targets.

Global cues remain positive, oil prices fell after a recent rally and the dollar traded off 10-month highs -suggesting the day is likely to be positive. Benchmark indexes Sensex and Nifty both fell around 1 percent each on Thursday as bets for further policy tightening by the U.S. Federal Reserve weighed on heavyweight IT stocks. The rupee edged up by 2 paise to close at 83.20 against the dollar.

Asian markets were mostly higher in thin trade this morning amid China's Golden week holiday.

The dollar weakened while gold edged up as investors closely monitored developments in Washington regarding a potential government shutdown.

Oil prices edged up slightly in Asian trade after falling sharply from 2023 highs overnight on expectations of increased supply from Russia and Saudi Arabia and lingering concerns over China's beleaguered property market.

U.S. stocks closed higher overnight after bond yields slipped from 16-year highs and crude prices pulled back from their highest level in more than a year.

In economic releases, unemployment claims edged up in the week ending Sept. 23 and pending home sales plunged in August while GDP increased at an unrevised 2.1 percent annualized rate last quarter, a slew of data showed.

The tech-heavy Nasdaq Composite gained 0.8 percent, the S&P 500 added 0.6 percent and the Dow rose 0.4 percent.

European stocks bounced back from a six-month low on Thursday after data showed German inflation slowed in September to the lowest since the outbreak of the war in Ukraine.

The pan European STOXX 600 rose 0.4 percent. The German DAX climbed 0.7 percent, France's CAC 40 rose 0.6 percent and the U.K.'s FTSE 100 edged up 0.1 percent.