Sensex, Nifty Set To Rise After Wall Street Rally
(RTTNews) - Indian shares are likely to open higher on Tuesday, thanks to a strong night of trade on Wall Street. Stock-specific action is seen as several companies unveil their quarterly earnings.
The Reserve Bank of India (RBI) has expressed optimism that retail inflation is set to ease from September levels on the back of easing momentum and favorable base effects.
In its monthly bulletin published on Monday, the RBI also said that broader economic activity remains resilient and poised to expand further.
Benchmark indexes Sensex and the Nifty climbed around 0.8 percent and 0.7 percent, respectively on Monday to extend gains for a second straight session, while the rupee ended on a flat note at 82.35 per dollar.
Asian markets followed Wall Street higher, and the Japanese yen hit a fresh 32-year low versus the dollar while oil steadied as investors weighed signs of a tight market against concerns over an economic slowdown.
U.S. stocks rose sharply overnight as Treasury yields pulled back and Bank of America raised its annual outlook for revenue.
The Dow climbed 1.9 percent, the S&P 500 jumped 2.7 percent and the tech-heavy Nasdaq Composite soared 3.4 percent.
European stocks followed suit as Britain's new finance minister Jeremy Hunt reversed almost all of the tax measures announced previously that contributed to turmoil in the global bond markets.
The pan European Stoxx 600 gained 1.8 percent. The German DAX rallied 1.7 percent, France's CAC 40 index added 1.8 percent and the U.K.'s FTSE 100 rose 0.9 percent.
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