Sensex, Nifty Seen Opening Little Changed

(RTTNews) - Indian shares are seen opening a tad higher on Wednesday after a meeting between Russian and U.S. officials raised hopes of an end to the three-year war in Ukraine.

That said, volatility cannot be ruled out due to sustained foreign fund outflows amid valuation concerns and U.S. tariff worries.

Benchmark indexes Sensex and Nifty ended marginally lower on Tuesday after trading in the red all through the day. The rupee fell by 8 paise to close at 86.95 against the greenback.

Asian markets traded mixed this morning, the dollar held firm, and gold held steady near a record high amid lingering worries of a global trade war and ahead of the release of Federal Reserve's January meeting minutes.

Oil extended gains for a third straight session, supported by prospects of lessened supply.

U.S. stocks fluctuated before ending on a firm note overnight as focus shifted to Russia-Ukraine talks, upcoming Fed minutes and big retail earnings.

Investors also reacted to comments from several Fed officials that rates should stay at current levels to combat rising inflation.

In economic news, business activity for manufacturers in New York State unexpectedly rebounded in February, while confidence among homebuilders fell sharply in the month due to tariff concerns, elevated mortgage rates and high housing costs, separate set of data revealed.

The S&P 500 rose 0.2 percent to reach a new record closing high while the tech-heavy Nasdaq Composite and the Dow finished marginally higher.

European stocks closed at a record high on Tuesday, with banking and defense stocks among top gainers.

The pan European STOXX 600 gained 0.3 percent. The German DAX and France's CAC 40 both edged up by 0.2 percent while the U.K.'s FTSE 100 ended flat with a negative bias.