Pre-Market Set Up: Sensex, Nifty Set To Rise Along With Asian Peers As Fed Rate Bets Curb
Indian stocks are set to rise along with their Asian counterparts following softer-than-expected U.S. inflation data, which stoked speculation that the Federal Reserve could pivot to a shallower pace of interest-rate hikes.
At 8:05 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — traded 1.2% higher at 17,756.
Tech shares spurred a 1% climb in an Asian equity index amid gains in Hong Kong, South Korea and China. US and European futures rose after the S&P 500 hit a three-month high and the Nasdaq 100 pulled 20% above a June low.
The advance in China’s bourses lagged as investors digested a warning from its central bank about inflation threats and a pledge to avoid massive stimulus.
The dollar edged up, paring a retreat from a day earlier that was the biggest since the onset of the pandemic. Elsewhere, crude oil held most of a jump above $91 a barrel, while Bitcoin broke past $24,000 in a sign of the brighter spirits in markets.
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