Sensex, Nifty Seen Higher At Open

(RTTNews) - Trading in Singapore Nifty futures signal a positive start, though volatility cannot be ruled out amid weak global cues and the expiry of weekly F&O contracts.

Concerns over rising oil prices may prompt some profit booking at higher levels after the OPEC+ grouping of top producers agreed to cut output by 2 million barrels per day to support prices.

Meanwhile, JP Morgan said India should address issues around capital gains tax and settlement rules before Indian debt is included in the emerging market local currency debt index.

Indian stock markets were closed Wednesday on account of Dussehra festival celebrations across the country.

Benchmark indexes Sensex and Nifty jumped around 2.3 percent each on Tuesday while the rupee rose by 29 paise to close at 81.53 against the greenback despite rising crude prices in the international market.

Asian markets traded mixed this morning as strong U.S. data released overnight suggested that the Federal Reserve may have to keep interest rates higher for longer. The dollar clung to gains and gold traded slightly higher while oil prices held steady near a three-week high after recent strong gains.

U.S. stocks ended a choppy session modestly lower overnight after two days of strong gains.

Treasury yields rebounded as hawkish commentary from the Reserve Bank of New Zealand coupled with solid private payrolls and services sector data dampened hopes for a pause or slowdown in aggressive hikes from the Federal Reserve.

The Dow slipped 0.1 percent, the tech-heavy Nasdaq Composite shed 0.3 percent and the S&P 500 edged down 0.2 percent.

European stocks snapped a three-day winning streak on Wednesday as signa of a slowdown in regional business activity cemented fears of a recession.

The pan European Stoxx 600 fell 1 percent. The German DAX tumbled 1.2 percent, France's CAC 40 index declined 0.9 percent and the U.K.'s FTSE 100 gave up half a percent.