Sensex, Nifty Seen Opening Up As Bank Worries Ebb

(RTTNews) - Indian shares may see cautious gains on Friday as investors react to positive global cues and await next week's FOMC meeting.

Rating agency Crisil forecast slower growth for the Indian economy for FY24, citing a challenging global macroeconomic environment.

Adani Group stocks would be in focus today after stock exchanges removed three group companies from short-term surveillance.

TCS may also see increased activity after CEO Rajesh Gopinathan quit to pursue other interests.

Benchmark indexes Sensex and Nifty ended marginally higher on Thursday to snap a five-day losing streak while the rupee fell by 11 paise to close at 82.76 against the dollar, extending losses for a fourth straight session. Asian stocks traded mostly higher this morning, though gains remained modest ahead of next week's Fed and BoE meetings.

The dollar slipped on improved risk sentiment while oil steadied after closing about 1 percent higher overnight. Gold edged up and was poised for a weekly gain.

U.S. stocks posted strong gains overnight after reports emerged that JPMorgan Chase (JPM), Morgan Stanley (MS) and several other big banks would work together to shore up First Republic Bank with a $30bn deposit.

The tech-heavy Nasdaq Composite jumped 2.5 percent to end higher for the fourth straight session, while the Dow rose 1.2 percent and the S&P 500 added 1.8 percent. European stocks closed higher on Thursday as news of liquidity support to Credit Suisse by the Swiss central bank helped ease some of the worries about a global banking crisis.

The European Central Bank called Europe's banks "resilient" and promised liquidity support, if needed, after raising rates by 50 basis points. The pan European STOXX 600 rallied 1.2 percent. The German DAX climbed 1.6 percent, France's CAC 40 surged 2 percent and the U.K.'s FTSE 100 gained 0.9 percent.