Sensex, Nifty Poised To Open Flat On Muted Global Cues

(RTTNews) – Indian shares look set to open on a flat note Thursday as investors await U.S. inflation data, the ECB’s policy meeting and a Group of Seven summit for directional cues.

As India reported less than one lakh Covid-19 cases for the second straight day on Wednesday, most states have started reopening and have relaxed restrictions.

The U.S. said it will buy 500 million doses of the Pfizer COVID-19 vaccine to share through the global COVAX alliance for donation to 92 low-income countries and the African Union.

Benchmark indexes Sensex and the Nifty ended down 0.6 percent an 0.7 percent, respectively on Wednesday, while the rupee fell by 9 paise to close at 72.98 against the dollar, extending losses for the second straight session.

Asian markets were seeing modest gains this morning and the dollar firmed up while gold and oil were moving down in cautious trade amid uncertainty about the path of price pressures and monetary policy.

10-year Treasury yield fell below 1.5 percent for the first time in a month after an auction saw solid bids and heady demand. Bitcoin held an advance as El Salvador became the first country to adopt the digital currency as legal tender.

U.S.-China tensions remained in focus as the Biden administration revoked Trump-era bans on TikTok and WeChat and ordered a review of software applications tied to China.

U.S. stocks closed slightly lower overnight amid a lack of market-moving catalysts. The Dow shed 0.4 percent, the S&P 500 eased 0.2 percent and the tech-heavy Nasdaq Composite slipped 0.1 percent.

European stocks ended mixed as the World Bank warned of an uneven global recovery and the U.K. reported its highest daily coronavirus cases since February.

The pan European Stoxx 600 ended flat with a positive bias. France’s CAC 40 index rose 0.2 percent, while the German DAX dipped 0.4 percent and the U.K.’s FTSE 100 lost 0.2 percent.

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