Indian shares look set to open on a positive note Thursday after oil prices fell sharply to hit seven-week lows overnight, helping ease concerns over inflation and twin deficits.
Crude oil futures for September ended down 3.2 percent at $66.94 a barrel on Wednesday and Brent crude futures dropped 3.3 percent to $72.22 a barrel as
Chinese import figures showed a slowdown in demand and official data showed a smaller than expected drop in U.S. crude stockpiles last week.
Optimism about the ongoing earnings season and hopes of healthy monsoon rains may also offer some support, but muted global cues may trigger some profit taking at higher levels.
Meanwhile, India’s average per capita income during the last four financial years was higher at Rs 79,882 as compared to the preceding four financial years, Minister of State for Statistics Vijay Goel said in a written reply to Lok Sabha.
Benchmark indexes Sensex and the Nifty rose around half a percent on Wednesday to reach record highs after the International Monetary Fund said that India is a source of growth for the global economy for the next few decades.
The rupee rose by 5 paise to close at 68.63 per dollar, extending its recovery for the second straight session.
Asian markets are trading mixed this morning after China announced new tariffs on American goods. The dollar extended losses versus the yen while oil steadied somewhat after steep losses on Wednesday.
Overnight, U.S. stocks closed mixed after China slapped additional import tariffs of 25 percent on $16 billion worth of U.S. goods in retaliation for tariffs on China imposed by U.S. President Donald Trump.
The Dow slid 0.2 percent and the S&P 500 edged down marginally while the tech-heavy Nasdaq Composite inched up 0.1 percent to extend its winning streak for a fifth