Sensex, Nifty Seen Opening Up In Cautious Trade

(RTTNews) - Indian shares are seen opening flat to higher on Friday as investors weigh positive global cues against rising oil prices.

Investors also look forward to another rate hike by RBI in its upcoming policy meet next week.

A World Bank report said the Indian economy could benefit from the accelerated implementation of an already ambitious reform agenda.

Heavyweight Reliance Industries may see increased activity after the company called a shareholder meeting on May 2 to approve the demerger of its financial services business.

Meanwhile, ratings agency Fitch said Adani Transmission Ltd and Adani Ports and Special Economic Zone "would be capped at current rating level of 'BBB-/Stable' till alleged concerns are ironed out".

Indian markets were closed on Thursday for Ram Navami.

Benchmark indexes Sensex and Nifty rose 0.6 percent and 0.8 percent, respectively on Wednesday while the rupee fell by 15 paise to close at 82.31 against the dollar amid a rebound in U.S. Treasury yields.

Asian markets traded mostly higher this morning, gold traded flat, and the dollar edged higher as investors awaited the release of key U.S. inflation data later in the day that could influence the Fed's monetary policy path.

Fed Chair Jerome Powell joined three other Fed Officials to back further rate hikes on Thursday, but traders and economists remain split on whether the Fed will raise rates again in May.

U.S. stocks rose for a second straight session overnight as bank worries faded and Fed officials reiterated their resolve to lower inflation.

Jobless claims grew more than expected last week, while the economy grew at a slower pace in the fourth quarter than initially estimated reflecting downward revisions to exports and consumer spending, separate reports showed. The tech-heavy Nasdaq Composite rose 0.7 percent and the S&P 500 added 0.6 percent to reach their best closing levels in over a month while the Dow edged up 0.4 percent.

European stocks rose to near three-week highs on Thursday, with sentiment boosted by weaker-than-expected regional inflation data, upbeat results from retail giant H&M and hopes that the banking crisis is contained.

The pan European STOXX 600 climbed 1 percent. The German DAX surged 1.3 percent, France's CAC 40 rallied 1.1 percent and the U.K.'s FTSE 100 gained 0.7 percent.