Sensex, Nifty Set To Follow Global Peers Higher

(RTTNews) - Indian shares may follow global peers higher on Friday as investors react to firm global cues and await TCS' earnings results for the first quarter. Benchmark indexes Sensex and the Nifty surged 0.8 percent and 0.9 percent, respectively on Thursday to extend gains for a second day running, while the rupee gained 12 paise to close at 79.18 against the dollar.

Asian markets advanced on renewed China stimulus expectations and hopes for a soft landing for the U.S. economy.

Federal Reserve governors Christopher Waller and St. Louis Fed President James Bullard on Thursday backed another big interest-rate rise in July but said they think recession fears are overblown.

Meanwhile, U.S. President Joe Biden will discuss possible reductions in U.S. tariffs on Chinese goods in a meeting with his advisers set for today, the Bloomberg reported.

U.S. Treasury yields were flat and the dollar index dipped ahead of key U.S. jobs data due later today, while the pound rose after Boris Johnson resigned as U.K. Prime Minister amid mounting pressure from leaders inside the cabinet.

The dollar's weakness helped lift gold prices, while oil slipped in early Asian trading after seeing a sharp rebound in the previous session.

U.S. stocks rose for a fourth straight session overnight as a falling trend in commodity prices tempered investor expectations over inflation and interest-rate hikes.

The Dow rallied 1.1 percent, the S&P 500 jumped 1.5 percent and the tech-heavy Nasdaq Composite surged 2.3 percent.

European stocks ended on a buoyant note Thursday, as Samsung issued a solid second-quarter earnings outlook and the June FOMC meeting minutes reaffirmed the U.S. central bank's intent to get prices under control to address stubborn inflation.

The pan European Stoxx 600 climbed 1.9 percent, extending gains for a second day running. The German DAX soared 2 percent, France's CAC 40 index added 1.6 percent and the U.K.'s FTSE 100 rose 1.1 percent.