Sensex, Nifty Likely To Follow Global Peers Higher

Indian shares look set to open on a positive note Thursday after data showed GST revenue collection jumped 13 percent year-on-year in October to Rs 1.72 lakh crore, marking the second-highest revenue collection ever.

Global cues also remain supportive amid hopes that the U.S. central bank may now be finished with the most aggressive tightening cycle in four decades.

Benchmark indexes Sensex and Nifty fell around half a percent each to end lower for a second straight session on Wednesday while the rupee dropped 9 paise to close at a record low of 83.33 against the dollar.

Asian markets rallied while the dollar tracked Treasury yields lower, helping gold prices push higher. Oil rebounded from a one-month low on apprehensions the Middle East conflict may spread.

U.S. stocks rallied overnight as comments from Fed Chair Jerome Powell suggested that rate hikes were done.

Weaker than expected ADP employment and manufacturing data also eased concerns about the outlook for interest rates.

The Dow rose 0.7 percent to close higher for the third consecutive session as the Fed skipped a rate hike for the third time this year.

The S&P 500 rallied 1.1 percent and the tech-heavy Nasdaq Composite jumped 1.6 percent.

European stocks extended gains for a third day running on Wednesday after data showed euro zone inflation fell to a two-year low of 2.9 percent in October and the euro area economy shrank slightly in the third quarter.

The pan European STOXX 600 advanced 0.7 percent. The German DAX gained 0.8 percent, France’s CAC 40 inched up 0.7 percent and the U.K.’s FTSE 100 edged up 0.3 percent.

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