Sensex, Nifty Seen Lower As Investors Look To RBI

Indian shares may open slightly lower on Tuesday as investors monitor oil price movements and look ahead to the RBI’s second bi-monthly monetary policy statement for 2018-19, due Wednesday.

Oil prices edged higher in Asian trading after falling nearly 2 percent in the previous session on concerns over growing U.S. production and expectations of higher OPEC supplies.

Benchmark indexes Sensex and the Nifty dropped around 0.6 percent on Monday as investors looked forward to the RBI policy meeting for directional cues. The rupee slipped from its near one-month high to end lower by 5 paise at 67.11 per dollar.

Asian stock markets are struggling for traction this morning as caution set in after the previous session’s rally. Gold held steady after three sessions of declines while the dollar held near two-week high against the yen.

Overnight, U.S. stocks rose despite lingering trade worries and data showing a bigger-than-expected pullback in factory orders for April.

The Dow rose 0.7 percent and the S&P 500 added half a percent while the tech-heavy Nasdaq Composite gained 0.7 percent to reach a fresh record closing high, led by shares of Apple and Amazon.

European markets finished Monday’s session higher as worries about Italy and Spain eased and investors took heart from news of potential corporate mergers and acquisitions.

The pan-European Stoxx Europe 600 index gained 0.3 percent. The German DAX rose 0.4 percent, France’s CAC 40 index inched up 0.1 percent and the U.K.’s FTSE 100 added half a percent.

by RTTNews Staff Writer

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