Sensex, Nifty Seen Higher At Open

(RTTNews) - Indian shares look set to open on a positive note Thursday, tracking mostly firm cues from global markets on renewed hopes of a Federal Reserve rate cut.

The weekly expiry of Sensex derivatives contracts may influence trading sentiment as the day progresses.

On the earnings front, private sector lender Axis Bank reported a 26 percent fall in its September-quarter net profit due to a one-time standard asset provision impact.

Infosys, Wipro, Nestle India, Eternal, Jio Financial Services, JSW Infrastructure and LTIMindtree are among the prominent companies that will publish their quarterly results today.

Benchmark indexes Sensex and Nifty jumped around 0.7 percent each on Wednesday.

The rupee closed up 0.8 percent at 88.0750 against the U.S. dollar, marking its best single-day gain in nearly four months, powered by firm central bank intervention and unwinding of bearish wagers on the currency.

Foreign investors net bought shares worth Rs. 161.84 crore on Wednesday, while domestic institutional investors net bought shares to the tune of Rs. 4,492.26 crore, as per provisional data.

Asian markets were mostly higher this morning despite escalating China-U.S. trade tensions, valuation concerns and worries over a U.S. government shutdown that entered its third week.

As trade tensions mount, U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent blasted China's plans to curb exports of rare earths "economic coercion" and "a global supply chain power grab".

"If China wants to be an unreliable partner to the world, then the world will have to decouple," Bessent said after earlier proposing a longer pause on high tariffs to ease a dispute over critical minerals.

President Donald Trump stated that the U.S. was now locked in a trade war with China, highlighting the importance of tariffs, framing them not just as economic measures, but as crucial components of national defense strategy.

The dollar index slipped for a third day and two-year U.S. Treasury yields held at their lowest level this year after Federal Reserve Chair Jerome Powell flagged rising downside risks to U.S. employment.

Gold added to recent gains to hit a new peak above $4,200 an ounce. Oil bounced back from a five-month low after Trump said that Indian Prime Minister Narendra Modi has pledged to stop buying oil from Russia and that he will get China to do the same thing, a move that could squeeze global supply.

Overnight, U.S. stocks fluctuated before ending mostly higher on the back of positive comments on artificial intelligence from ASML Holding and solid quarterly results from financials giants Morgan Stanley and Bank of America.

In economic releases, a report showed New York manufacturing activity has seen a significant turnaround in October. The Federal Reserve's Beige Book showed a stalled job market.

The narrower Dow edged down marginally while the S&P 500 rose 0.4 percent and the tech-heavy Nasdaq Composite added 0.7 percent.

European stocks ended mixed on Wednesday following steep losses earlier this week. The pan-European Stoxx 600 gained 0.6 percent.

The German DAX slipped 0.2 percent and the U.K.'s FTSE 100 shed 0.3 percent while France's CAC 40 surged 2 percent after luxury goods giant LVMH unexpectedly returned to sales growth in the third quarter.