Sensex, Nifty To Open Lower Ahead Of Q4 GDP Data

(RTTNews) - Indian shares look set to open lower on Wednesday as investors keep an eye on GDP data for the January-March 2023 quarter due out later in the day.

Economists expect India's GDP to have grown 5.5 percent in Q4 versus 4.4 percent growth during the preceding quarter.

Stock-specific activity may be seen as the MSCI Global Standard Index's latest rejig comes into effect from today.

Energy stocks may see heightened activity after crude prices slumped over 4 percent in the U.S. trading session overnight amid uncertainty about the supply outlook.

Benchmark indexes Sensex and Nifty rose around 0.2 percent each on Tuesday to extend gains for a fourth consecutive session. The rupee fell by 8 paise to close at 82.71 against the dollar.

Asian markets were declining this morning as investors waited to see if a tentative debt ceiling deal in the U.S. can be implemented by the June 5 deadline.

The odds of a U.S. default currently remain low, but the consequences could be dire.

Meanwhile, government data showed China's factory activity contracted faster than expected in May on weakening demand, adding to concerns over the nation's wobbly economic recovery.

Gold, oil and U.S. bond yields all slipped while the dollar held steady after snapping a six-day uptrend near the highest levels in 10 weeks.

U.S. stocks ended mixed overnight as a measure of U.S. consumer confidence slipped in May and some Republicans sought bigger spending cuts, potentially prolonging the process of passing the debt ceiling bill.

The Dow slipped 0.2 percent while the S&P 500 ended marginally higher and the tech-heavy Nasdaq Composite edged up 0.3 percent.

European stocks closed lower on Tuesday, as downbeat Eurozone economic sentiment data, hawkish Fed expectations and concerns around China's economic recovery dented the outlook for global growth.

The pan European STOXX 600 dropped 0.9 percent. The German DAX eased 0.3 percent, France's CAC 40 fell 1.3 percent and the U.K.'s FTSE 100 shed 1.4 percent.