Indian Shares Eye Flat Start
(RTTNews) – Indian shares are seen opening on a flat note Wednesday after two days of strong gains. India’s overall exports fell 0.25 percent in February after growing for two consecutive months amid a delay in implementing a tax reimbursement scheme, preliminary data released by the commerce and industry ministry showed. Imports grew 7 percent, leading to a trade deficit of $12.9 billion during the month.
Telecom stocks could be in focus today after reports that Reliance Jio Infocomm has emerged the top bidder in India’s $11 billion airwaves auction, cornering roughly three-fourths of the spectrum sold in the two-day event.
Benchmark indexes Sensex and the Nifty shrugged off mixed global cues to end about 1 percent higher on Tuesday, while the rupee gained 18 paise to settle at 73.37 against the U.S. dollar.
Asian stocks edged higher this morning on optimism that U.S. fiscal stimulus will energize the global economic recovery. Dollar weakness pushed gold prices higher while oil steadied near $60 a barrel amid expectations over higher OPEC supply.
U.S. stocks fell overnight as a sharp rally the previous day led to valuation concerns, with China’s banking regulator warning that U.S. and European markets are potentially creating bubbles.
The Dow Jones Industrial Average dropped half a percent, the tech-heavy Nasdaq Composite tumbled 1.7 percent and the S&P 500 shed 0.8 percent.
European markets gained ground for the second day running on Tuesday as focus shifted to rapid vaccination efforts and optimism about an economic recovery.
The pan European Stoxx 600 inched up 0.2 percent. The German DAX edged up 0.2 percent, France’s CAC 40 index rose 0.3 percent and the U.K.’s FTSE 100 added 0.4 percent.