Sensex, Nifty seen higher at opening

(RTTNews) – Indian stocks are set to open higher on Thursday, following firm global market indices. Underlying sentiment, however, could remain cautious after crude oil prices hit an 11-year high amid the ongoing war in Ukraine and OPEC’s decision to stick to plans for a modest increase in production.

Benchmarks Sensex and Nifty fell more than 1% each on Wednesday to snap a two-day winning streak, while the rupee ended down 0.6% at 75.77 against the dollar.

Asian markets were broadly higher this morning and gold was trading mixed on improving risk sentiment in financial markets while Brent prices rose above $116 a barrel.

U.S. stocks rose sharply overnight as private payrolls data beat forecasts, yields rebounded from losses earlier in the week and Fed Chairman Jerome Powell said he would propose a quarter point hike in interest rates at the next Fed meeting, rather than half a point. .

The Dow Jones climbed 1.8%, the tech-heavy Nasdaq Composite jumped 1.6% and the S&P 500 climbed 1.9%.

European stocks reversed early losses to end on a strong note on Wednesday, as commodity-related stocks surged on firm metal and energy prices.

The pan-European Stoxx 600 index gained 0.9% as oil and natural gas prices continued their rapid advance.

The German DAX rose 0.7%, the French CAC 40 index rose 1.6% and the British FTSE 100 gained 1.4%.

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