Sensex, Nifty Seen Modestly Higher At Open

(RTTNews) - Indian shares look set to open slightly higher on Friday, though a cautious undertone may prevail ahead of the U.S. jobs report due later in the day that could offer more clues on the Federal Reserve's rate-hike path.

Meanwhile, the Indian economy will likely grow at an average rate of 6.7 percent between FY24 to FY31, said S&P Global giving a decade-ahead forecast for Asia's second-largest economy.

On the earnings front, Zomato reported its first ever quarterly profit and Lupin's Q1 profit topped estimates, while Dabur posted muted growth in its quarterly profit and Bharti Airtel reported a flat net profit for the June quarter.

Benchmark indexes Sensex and Nifty dropped 0.8 percent and 0.7 percent, respectively on Thursday amid a broad risk aversion in global financial markets.

The rupee ended down 6 paise at 82.73 against the dollar after hitting a fresh 10-week low earlier in the day due to sustained foreign fund flows and rising crude oil prices.

Asian markets traded mostly higher this morning after Apple and Amazon reported earnings that topped estimates.

A retreat in the dollar index and bond yields helped push gold prices higher while oil prices were on track for a sixth weekly gain after Saudi Arabia and Russia pledged to cut output through next month.

U.S. stocks fluctuated before ending slightly overnight after a surge in Treasury yields and mixed economic readings.

A measure of U.S. service sector activity slowed in July while jobless claims increased slightly last week but layoffs dropped to an 11-month low in July, separate reports showed.

The Dow slid 0.2 percent, the tech-heavy Nasdaq Composite finished marginally lower and the S&P 500 dipped 0.3 percent.

European stocks fell for a third day to hit three-week lows on Thursday after the release of disappointing Eurozone and U.K. services data and the Bank of England's decision to raise rates by 25 basis points.

The pan European STOXX 600 gave up 0.6 percent. The German DAX shed 0.8 percent, France's CAC 40 eased 0.7 percent and the U.K.'s FTSE slipped 0.4 percent.