Indian Shares Set To Follow Global Peers Lower

(RTTNews) – Indian shares are set to open lower on Thursday as investors fret about surging Covid-19 cases worldwide and await the Supreme Court hearing in the interest waiver case for loans under moratorium.

Benchmark indexes Sensex and the Nifty eked out modest gains on Wednesday to hit fresh record highs while the rupee rose by 27 paise to settle at 74.19 against the U.S. dollar, extending its winning streak for the third straight session.

Asian markets are moving lower this morning as widening Covid-19 restrictions in the United States and a lack of progress on a U.S. fiscal stimulus bill dented investors’ appetite for riskier assets.

Bonds were underpinned and the dollar steadied after slipping for five sessions in a row as two Fed officials held out the option of doing more to support the recovery. Oil prices traded mixed after rising overnight in reaction to a smaller than expected increase in U.S. crude inventories last week and amid expectations that OPEC+ will extend its current production cuts further into 2021, or even increase the cuts.

U.S. stocks ended firmly in the red overnight as a number of states announced new restrictions to help tame surging coronavirus cases, overshadowing positive housing data and more upbeat Covid-19 vaccine news.

The Dow Jones Industrial Average and the S&P 500 lost around 1.2 percent each while the tech-heavy Nasdaq Composite shed 0.8 percent.

European markets rebounded from early losses to end higher on Wednesday after positive updates about Pfizer’s Covid-19 vaccine.

The pan European Stoxx 600 gained 0.4 percent. The German DAX and France’s CAC 40 index both rose about half a percent, while the U.K.’s FTSE 100 edged up 0.3 percent.

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