November 27, 2021

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Sensex, Nifty Poised For Flat Open

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Indian shares may open flat to slightly higher on Wednesday as investors react to the latest earnings updates from the likes of Nestle, ACC, Tata Steel BSL and ICICI Prudential Life Insurance.

Banks could be in focus after Moody’s Investors Service revised the outlook for the Indian banking system to stable from negative, saying the pickup in economic activity will drive credit growth.

Benchmark indexes Sensex and the Nifty fell slightly on Tuesday to snap a seven-day winning streak while the currency market was shut on account of Id-E-Milad.

Asian stocks traded mixed this morning as China raised $4 billion through a U.S. dollar sovereign bond issue and North Korea confirmed it has successfully tested a new submarine-launched ballistic missile.

The dollar climbed as high as 114.585 yen for the first time since November 2017 while gold edged lower amid surging bond yields.

Oil prices declined after hitting multi-year highs Tuesday amid the global energy crunch. Bitcoin is close to scaling the peak it reached in April.

U.S. stocks rose overnight as upbeat earnings news from top name companies helped offset worries about inflation and slowing growth amid supply chain bottlenecks.

The Dow gained 0.6 percent, while the S&P 500 and the tech-heavy Nasdaq Composite both climbed around 0.7 percent.

European stocks nudged higher on Tuesday amid optimism over corporate earnings. The pan European Stoxx 600 advanced 0.3 percent.

The German DAX edged up 0.3 percent and the U.K.’s FTSE 100 inched up 0.2 percent, while France’s CAC 40 ended marginally lower.

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2021-10-19 22:42:28

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