Sensex, Nifty Seen Tad Higher As Oil Prices Tumble On Demand Worries

(RTTNews) – Indian shares look set to open a tad higher on Tuesday, as investors react to mixed global cues, falling oil prices on China demand worries and domestic CPI data released after market close Monday.

India’s consumer price inflation slowed to 6.77 percent in October from a five-month high of 7.41 percent in September, official data showed.

This was mainly due to the statistical effect of a high base. Prices were forecast to rise 6.73 percent.

The Reserve Bank of India aims to keep consumer price inflation between 4 percent and 6 percent.

Benchmark indexes Sensex and Nifty ended Monday’s session slightly lower while the rupee fell by 48 paise to close at 81.26 against the dollar.

Asian markets traded mixed this morning as Chinese retail sales and industrial data for October missed expectations.

The dollar held firm and gold pinned near a three-month high in the wake of mixed signals from Fed officials on the path of U.S. interest rates, while oil extended steep overnight losses after OPEC cut its 2022 global demand forecast.

U.S. stocks fluctuated before ending firmly in the red overnight, as investors reacted to hawkish comments from Fed Governor Christopher Waller, news of planned job cuts at Amazon and the rapid downfall of the once-popular digital-assets exchange FTX.

The Dow slipped 0.6 percent, the tech-heavy Nasdaq Composite lost 1.1 percent and the S&P 500 shed 0.9 percent despite Fed Vice Chair indicating the central bank should soon moderate the size of its interest-rate increases.

European stocks finished broadly higher on Monday after Beijing unveiled a sweeping rescue package to salvage its real estate market.

The pan European Stoxx 600 inched up 0.1 percent. The German DAX rose 0.6 percent, France’s CAC 40 index edged up 0.2 percent and the U.K.’s FTSE 100 gained 0.9 percent.

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