Sensex, Nifty Seen Tad Lower At Open

(RTTNews) - Indian shares may open a tad lower on Monday as investors brace for a busy week of U.S. tech earnings and the Fed meeting. The Fed is likely to slow the pace of interest-rate increases after a second straight 75-bps rate hike on Wednesday. Tech companies may come under selling pressure amid concerns that they might be hit by a recession in the United States.

After social media companies Snap and Twitter posted disappointing results, investors now await earnings from big tech companies such as Alphabet, Apple, Intel, Microsoft and Meta for further clues on cost pressures, hiring trends and spending.

Closer home, Infosys managed to beat Street estimates on the revenue front but disappointed on margins due to rising costs.

Reliance Industries, Kotak Mahindra Bank and ICICI Bank reported mixed set of financials results over the weekend.

Asian markets were broadly lower this morning and a dollar gauge climbed while oil prices fell about 1 percent on demand worries.

U.S. stocks closed lower on Friday to snap a three-day winning streak following dismal earnings updates from Twitter and Snap.

Treasuries extended an advance on recession fears and traders pared their expectations for Fed rate hikes after a survey showed U.S. business activity contracted in July for the first time in two years.

The tech-heavy Nasdaq Composite tumbled 1.9 percent, the S&P 500 shed 0.9 percent and the Dow dipped 0.4 percent.

European stocks fluctuated before closing slightly higher on Friday, as weak Eurozone business activity and British consumer confidence data sent bond yields across the common currency bloc tumbling.

The pan European Stoxx 600 gained 0.3 percent to close at its highest level since June 10.

The German DAX and the U.K.'s FTSE 100 both finished marginally higher while France's CAC 40 index rose 0.3 percent.