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Sensex, Nifty Likely To Open Lower As Meta Outlook Disappoints

by News7

(RTTNews) – Indian shares look set to open lower on Thursday, tracking weak cues from global markets and ahead of the expiry of April series derivative contracts.

Tech stocks may come under selling pressure after Meta Platforms disappointed investors with forecasts of higher expenses and lighter-than-expected revenue.

HUL’s flat quarterly profit amid sluggish sales and the Reserve Bank of India’s decision barring Kotak Mahindra Bank from taking on new customers through its online as well as mobile banking channels and issuing fresh credit cards may also weigh on markets.

Benchmark indexes Sensex and Nifty rose around 0.2 percent each on Wednesday while the rupee ended largely unchanged at 83.30 against the dollar.

Asian stocks were broadly lower, with benchmark indexes in South Korea and Japan falling over 1 percent.

The yen traded in a narrow range after falling below 155 per dollar for the first time in more than three decades ahead of a policy meeting of the Bank of Japan.

Gold edged up slightly ahead of key U.S. economic data releases while oil held a modest decline on demand concerns.

U.S. stocks ended narrowly mixed overnight as investors awaited cues from upcoming inflation and GDP data as well as mega-cap tech results.

In economic news, new orders for key U.S.-manufactured capital goods rose moderately in March but the data for the prior month was revised lower, pointing to weak business equipment spending in the first quarter.

The Dow inched down 0.1 percent, while the S&P 500 ended flat with a positive bias and the tech-heavy Nasdaq Composite edged up 0.1 percent.

European stocks gave up early gains in end lower on Wednesday after ECB policymaker and Bundesbank Chief Joachim Nagel said that a June interest rate cut may not be necessarily followed by a series of rate cuts.

The pan European STOXX 600 declined 0.4 percent. The German DAX dipped 0.3 percent, France’s CAC 40 eased 0.2 percent and the U.K.’s FTSE 100 finished marginally lower.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source : Nasdaq

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